[Slartie]

Facebook in particular however is beyond the user growth phase. Everyone knows that, including investors.

Nobody expects FB to add billions of additional users, because that is close to impossible. Investors expect FB to instead defend its user base against new competitors, and to increase revenue per active user.

The p/e ratio of Meta reflects this expectation: it is conservatively low right now. If you use the distorted tech-company standards, it is even ridiculously low.