United States regulators have fined the company $5 billion. But more importantly, skeptics believe Facebook’s users are likely to decline. Competition from Snap, Twitter (NYSE:TWTR) and Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) for both users and advertising dollars remains intense. And so, yes, FB stock might be cheap on a forward basis — but its core platform is set for a decline. In fact, Facebook’s base is growing — even in the U.S. and Canada, where one might think its market was saturated. And engagement doesn’t seem to have faltered either. If that holds, Facebook stock is just too cheap. The company believes another 5% of accounts could be false. But Facebook also believes that most of the issues are occurring in developing markets in Asia — and specifically called out Indonesia, the Philippines and Vietnam. And MAUs aren’t quite as important as daily users in terms of visitation and usage. Even if those numbers are right, roughly 2 billion people use Facebook every month.