The value of Facebook (NASDAQ:FB) is largely dependent on the size of its user base. Ever since its launch in 2004, its user base has grown steadily, and as of June 2012, the social network claimed nearly a billion users, and was close competition with Google (NASDAQ:GOOG) for the #1 Alexa rank. However, a recent report from Citigroup (NYSE:C) analyst Mark Mahaney notes that Facebook’s unique visitors have dropped 6 percent year over year.
Mahaney cites ComScore as the source of his information, saying that “this is the first material decline in traffic to Facebook we’ve seen to date.” This would be concerning news for the social media giant, whose stock is still floundering after its infamous IPO. However, ComScore’s Andrew Lipsman doesn’t think there is any reason for the company or investors to worry.
“The decline is due to a US-wide change in our weighting methodology based on newer US Census Data,” Lipsman wrote. “The decline is due to that, not organic reasons.”
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