The world is altering, and oh, how the tables have turned. On Thursday, Snap confirmed up behemoth-sized rival Meta, previously often known as Facebook, by reporting a revenue for the primary time as a public firm. Meta, then again, skilled the worst crash in inventory market historical past, dropping $251 billion in worth in sooner or later.

Snap’s good fortunes had been an surprising brilliant spot on Thursday, which was dominated by Meta’s deep dive. Although its revenue was modest—or $23 million within the final quarter of 2021, in comparison with $4.1 billion in income for the yr—the outcomes marked an necessary turning level. The firm additionally boasted positive user growth, reporting 319 million each day energetic customers within the final quarter of 2021, a rise of 54 million year-over-year.

In prepared remarks on Snap’s name with analysts on Thursday, chief monetary officer Derek Anderson stated its direct response promoting enterprise had recovered from adjustments to Apple’s privateness characteristic, referred to as App Tracking Transparency, or ATT, “quicker than we anticipated.”

“We grew our community, expanded our product offerings and demonstrated the power of our augmented reality platform,” Snap CEO Evan Spiegal stated in prepared remarks. “We faced some fresh challenges in 2021, but posted strong results.”

Snap shares rose by 52% in after-hours buying and selling.

The identical can’t be stated for Meta, which noticed its shares drop by 26%. The firm reported a decline in person progress for the primary time in its historical past, going from 1.93 billion each day energetic customers within the third quarter of 2021 to 1.929 million within the fourth quarter, dropping about one million customers. As if that weren’t sufficient, it missed its earnings estimates for the fourth quarter and issued a lower than expected income forecast for the primary quarter of 2022. Meta can also be anticipating a $10 billion hit in income this yr on account of Apple’s ATT characteristic.

Meta’s woes had a direct impression on the non-public fortune of CEO Mark Zuckerberg, who misplaced $31 billion in sooner or later, in response to Bloomberg. The loss kicked Zuckerberg out of the world’s high 10 wealthiest folks record, the outlet acknowledged, for the primary time since 2015. Considering the Meta CEO nonetheless has a internet price of about $92 billion, forgive me for not feeling dangerous for him.

In a digital company-wide assembly on Thursday, Zuckerberg stated that the inventory drop was as a result of firm’s weak income forecast, Bloomberg reported. Zuckerberg instructed workers that it was necessary on give attention to rising Instagram Reels, its short-form video product.

The Meta CEO’s eyes had been purple and teary within the assembly. It wasn’t due to the inventory crash, he maintained, it was as a result of he had a scratched cornea. Who is aware of although, possibly it was a little bit little bit of each.