Meta experienced a historic nosedive in value earlier this year amid a major rebrand and shake-ups to its business model and investors are bracing for another difficult quarter.

Axar.az reports that Meta lost a record $230bn in market value after a disappointing earnings report in February, in which it revealed Facebook had recorded its first-ever drop in daily user numbers.

While investors will be eagerly watching Meta’s first quarter report on Wednesday for signs of recovery, a “full turnaround is not expected”, said Debra Williamson, principal analyst at market research firm Insider Intelligence.