Thanks Brad, for bringing this topic. We live in an interesting time I would say.
There's no annual report for 2021 on the site, however there was a net loss in 2020, but as far as I could read from the notes it's an accounting issue (literally they said that "In 2020, we recognized a provision for income taxes of $1.10 billion related to the establishment of a valuation allowance against deferred tax assets of a foreign subsidiary").
Operational figures however shows that while revenues are increasing, but cost, including R&D costs (probably software and AI) and costs of revenue (probably staff costs as well) are increasing as well.
Given that the main source of revenue is advertisement, we can assume that the drivers should be as simple as number of active users and prices they set for advertisers.
I think it would not be wrong to to assume that number of active users does not increase (they stopped reporting the numbers, and there was some plateau in the figures before that). Also it would be at in line with an assumption that people are losing faith in the platform, however it's still a hypothesis.
Edit: In fact I was wrong, they switched from DAU to mDAU metric, and according to the reports the number of mDAU is also growing, but at a slower pace than before:
Although the new metric looks a bit synthetic, so how exactly they calculate is not known. And there was decline in DAU before they switch to mDAU in early 2019.
I did not do the proper math, but it's still valid assumption that since mDAU is relatively stable, and revenues increase, it should be the prices that drives them now.
BTW, I guess the initial point is also quite clear - so called "big tech" are no longer pretending to be platforms, they are editors and media and now openly admit this. How it would affect their business only time would tell.
P.S. I'm sorry if my wording was not entirely accurate - English is not my native language, and I have not had enough practice in recent years.