FACEBOOK Inc, rated as the world’s largest seller of online ads after Google, lost over $99.75 million in revenue after a six-hour global outage that shut out 3.5 billion users.
This is according to a report which used Facebook’s second-quarter earnings of $29.08 billion over a three-month period.
Based on its previous earnings, the recent revenue loss was calculated on the length of the outage which lasted for six hours.
This reveals that Facebook makes an estimated $319.6 million per day in revenue, $13.3 million per hour, $220,000 per minute, and $3,700 per second.
According to the Forbes calculations, Facebook’s estimated total revenue loss after the outage was pegged at $99.75 million.
The estimates underline the financial impact of a massive outage on Facebook and business.
Facebook, Instagram, WhatsApp and Messenger went down at approximately 11:30 am, Eastern time and was back online after 7 pm, ET.
Downdetector, which monitors internet problems, said Facebook outage was the largest it had seen, with over 10.6 million reports worldwide.
Facebook’s shares dropped 4.9 per cent to $326.23 at the New York Stock Exchange, their biggest daily drop since November 2020.
The failures of internal communication tools and other resources compounded the error which caused the outage
“We want to make clear at this time we believe the root cause of this outage was a faulty configuration change,” Facebook said in the blog.
The company apologised for the global outage after its family of social-media apps, including the main social network, photo-sharing app Instagram and messaging service WhatsApp, came back online.
“To the huge community of people and businesses around the world who depend on us: we’re sorry. Thank you for bearing with us,” the company tweeted.
Facebook’s founder Mark Zuckerberg net worth dropped to $121.6 billion. It currently ranks below Microsoft co-founder Bill Gates and is the fifth wealthiest person in the world, according to Bloomberg.
Amos Abba is a journalist with the International Center for Investigative Reporting, ICIR, who believes that courageous investigative reporting is the key to social justice and accountability in the society.