Facebook stock plunges in after-hours trading following earnings report
28 July, 2018, 10:11 | Author: Corey Lynch
"Certainly, the frequent references to the other platforms available such as Instagram and the new revenue metric of how many people use at least one of the Facebook apps each month send a message that this is a company looking to find ways of becoming more than just a social media platform".
Once a darling of Wall Street, Facebook has always been one of the market's best-performing tech stocks but with its announcement this week that the company's growth may be slowing after an, it's becoming apparent Facebook's prosperity isn't guaranteed, reports CBS News' Bianna Golodryga.
In the second quarter, Facebook lost roughly 1 million monthly users, and 3 million daily users in Europe.
That "bombshell", as one analyst termed it, played into concerns on Wall Street that Facebook's model could be under threat after a year that has been dominated by efforts to head off concerns over privacy and its role in global news flow.
Facebook shares dived almost 20% as markets opened after the social media giant warned it expects weaker growth. The company is still grappling with blowback from the revelation that political data firm Cambridge Analytica accessed data on up to 87 million Facebook (FB) users. Facebook's shares had gained more than 10 percent over the last month and closed higher at $217.50 on Wednesday, before the company reported earnings.
Facebook had the largest-ever loss of value in one day for a U.S. traded company.
After all, from what little we know, the kids these days seem to be into Snapchat and Fortnite rather than posting semi-snide comments about the bridesmaid dress your friend has just got for Aunty Edwina's third marriage.
"With or without privacy issues, investors are scared that Facebook's interactions, particularly with those under 25, are falling", Sheehan said.
That almighty crash comes as the result of Facebook shares collapsing by 18% when the New York Stock Exchange opened its doors.
Facebook's stock plummeted following a dire second quarter briefing focusing on slowing ad market growth and increased spending on data security following the Cambridge Analytica scandal and new European Union privacy rules.
Founder and CEO Mark Zuckerberg, who has a 13 percent stake in Facebook, saw his fortunedropped by more than $12 billion in less than 24 hours, to around $74 billion.
"A CEO who also serves as chair can exert excessive influence on the board and its agenda, weakening the board's oversight of management", the proposal says, according to the Business Insider.
More likely, though, market buzzards are holding off because of how quickly some analysts are turning on the company. But the dollar's decline this year will reduce the dollar value of Facebook's foreign revenue.
But that staggering statistic wasn't enough to distract investors from the bad news the company had to share: It expects significantly decreased revenue growth rates and operating margins in the years ahead.
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