Facebook’s sweeping global outage on Monday could have cost the company as much as $100 million in lost revenue, according to some estimates.
While efforts to pin a figure on the debacle vary, the outage, which took Facebook-owned Instagram, WhatsApp and Messenger offline for more than six hours, almost certainly cost the social media platform tens of millions of dollars in earnings.
One estimate from Fortune put the figure as high as $99.75 million. The outlet noted that Facebook reported $29.08 billion in revenue over a 91-day period for the second quarter of 2021.
That works out to an average of $319.6 million per day or $13.3 million per hour, according to Fortune, though that figure doesn’t account for peak traffic hours or out-performing days of the week.
Based on Facebook and its properties being down for 7.5 hours, from 11:30 a.m. ET to about 7 p.m., Fortune estimated the toll to be almost $100 million.
Another estimate from the data team at LoveTheSales.com, a London-based e-commerce platform, pegged the figure at about $93 million in lost revenue, based on Facebook’s projected revenue for the year.
“2021 was projected to net the global tech giant more than $132bn dollars in ad revenue, but yesterday’s outage was a blow to confidence in Facebook’s systems and the people and small businesses around the world that rely on the platform for communication and sales felt the impact,” LovetheSales.com CEO Stuart McClure said.
Facebook chief technology officer Mike Schroepfer offered “sincere apologies” to users Monday afternoon as the outage stretched on for hours.
Santosh Janardhan, Facebook’s vice president of infrastructure, apologized again in a blog post Monday evening, emphasizing that the outage was not the result of a hack or any kind of malicious activity.
“Our engineering teams have learned that configuration changes on the backbone routers that coordinate network traffic between our data centers caused issues that interrupted this communication,” he wrote.
“This disruption to network traffic had a cascading effect on the way our data centers communicate, bringing our services to a halt.”
The outage helped to wipe more than $50 billion off Facebook’s market cap — the stock’s worst day of trading in almost a year.
But shares of the company rebounded modestly on Tuesday, last seen trading 2 percent higher at about $332.50 per share.