Facebook users are spending less time on the social media since it overhauled its news feed function late last year.
Facebook revealed that changes to its online algorithm contributed to a quarterly decline of 700,000 users in the US and Canada. The site is now prioritising posts from friends and family in an attempt to increase interactions between users.
Facebook’s revenue jumped 47 per cent to $40.7 billion (€32.7bn) in the past year versus 2016. Of this, 98 per cent was generated from advertising – a growth of 49 per cent. In the final quarter, the platform’s ad revenue grew 48 per cent year-on-year to $12.8 billion.
Facebook founder Mark Zuckerberg called 2017 “a strong year […but… ]also a hard one”.