The extended outage that hit Facebook on Monday, leaving thousands of users without their favorite social media fix for more than seven hours, cost the company about $100 million in revenue, according to an estimate from Fortune.
Fortune put the exact figure at $99.75 million. That’s based on Facebook’s second-quarter revenue of $29.08 billion over a 91-day period, which works out to an average of $319.6 million per day, or $13.3 million per hour. The figure doesn’t account for peak traffic periods or days of the week.
As Fortune noted, Facebook, Instagram, WhatsApp and Messenger all went down at around 11:30 a.m. ET., according to DownDetector, an outage tracking site. The platforms came back online shortly after 7 p.m. ET.
We’re aware that some people are having trouble accessing Facebook app. We’re working to get things back to normal as quickly as possible, and we apologize for any inconvenience.
— Facebook App (@facebookapp) October 4, 2021
Down Detector logged tens of thousands of reports from frustrated or confused users for each of the platforms, CNN reported. While Facebook’s own site wouldn’t load at all, users could access Instagram and WhatsApp, but couldn’t load new content or send messages.
In the social media universe, seven-and-a-half hours of disrupted service involving Facebook, Instagram and WhatsApp constitutes a major online event.
“I don’t know If I’ve seen an outage like this before from a major internet firm,” Doug Madory, director of internet analysis at network monitoring firm Kentik, told CNN.
It was another in a recent string of bad news for Facebook. The company’s stock was already getting hit Monday following a whistleblower report claiming that Facebook routinely chose profit over safety. Former Facebook product manager Frances Haugen told “60 Minutes” on Sunday that she’s the one who leaked internal Facebook documents to The Wall Street Journal as well as lawmakers, an event that has led to increased public scrutiny of the social media powerhouse.
Haugen also told “60 Minutes” that Facebook prematurely deactivated certain safeguards meant to prevent the spread of misinformation and offensive content after the 2020 U.S. presidential election, Fortune reported. She believes that decision played a major role in the Jan. 6 Capitol Riots.
Facebook has largely remained tight-lipped on its recent controversies and downplayed the importance of the leaked documents.
The company is not likely to feel much financial pain from the $100 million hit it took from Monday’s interrupted service, considering it makes that much money in less than half a day. Facebook’s $29.08 billion in second-quarter revenue represented a 56% gain from the prior year, and its earnings for the quarter roughly doubled.