Facebook parent Meta’s quarterly earnings report on Wednesday revealed a startling statistic: For the first time, the company’s growth is stagnating around the world.

User growth on the Facebook app — a constant since it created its viral social network in 2004 — fell by about half a million users in the first three months of 2021, to 1.93 billion users logging in each day. The loss was greatest in Africa and Latin America, suggesting that the company’s product is saturated globally — and that its long quest to add as many users as possible has peaked.

Facebook also showed for the first time on Wednesday what a tiny fraction of revenue is earned from its investment in virtual and augmented reality hardware, a suite of products the company dubs the metaverse.

Facebook Reality Labs, the company’s hardware division that builds the Oculus Quest headset, earned $877 million, reflecting stronger-than-expected sales during the holiday season.

But that figure is a tiny fraction of its revenue — $33.67 billion last quarter — a figure that is primarily derived from targeted advertising on its main social network.

The company has made significant investments toward its aspiration of becoming a hardware giant, including hiring over 10,000 people and rebranding itself to Meta. But that transition is still in its early days.

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