Facebook tops 1.9 billion monthly users

Facebook is in the home stretch to reaching the two billion user mark, reports CNN.

On Wednesday, the social network reported hitting 1.94 billion monthly users as of the end of the March quarter. That’s up from 1.86 billion in the previous quarter and 1.65 billion in the same quarter a year earlier.

What’s more: Facebook (FB, Tech30) now has 1.28 billion people who use its services every single day, up from 18% year-over-year.

Facebook’s unparalleled audience gives it an “insurmountable competitive advantage,” according to Michael Pachter, an analyst with Wedbush.

But some cracks are beginning to show.

Facebook’s posted $8 billion in revenue for the quarter, beating Wall Street estimates. However, its sales growth is beginning to slow down.

Facebook’s total sales for the quarter were up 49% from the same period a year earlier, breaking its streak of five consecutive quarters of growing sales at 50% or more.

David Wehner, Facebook’s CFO, said in November the company expected to see its ad sales growth rate “come down meaningfully” in 2017. The reason: Facebook is hitting the ceiling for how many ads it can shove in front of users.

Wehner reiterated that point on a conference call with analysts Wednesday.

Facebook stock fell 3% in after hours trading.

Analysts are now looking to other Facebook services like Instagram, Messenger and WhatsApp to pick up the slack as Facebook’s main business matures. Facebook does not break out sales for the other services.