How Facebook lost Sh11b revenue during downtime
Facebook Inc lost an average of Sh24.5 million during every minute it was affected by a service downtime that hit its key applications on Monday.
This is according to an estimate by Fortune, the US-based business magazine, which estimated that the tech giant lost a total of Sh11 billion in revenues following the six-hour global outage on Facebook, Instagram, WhatsApp, Messenger and Oculus.
The estimates are based on Facebook’s quarter two earnings, which saw revenue of $29.08 billion (about Sh3.2 trillion) over a 91-day period.
The outage, which began at about 6.42pm East Africa Time on Monday and went on till 1.56am on Tuesday, attracted sarcastic memes on Twitter and Reddit with many users who depend on the platforms for social commerce also losing out on bu...