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The damage was swift and unforgiving in after-market trading on Wednesday as Facebook plummeted as much as 24% within an hour.

It was filed just hours before a brutal Facebook second-quarter earnings update on Wednesday, which sent the firm's share price tumbling almost 24 per cent, wiping as much as $148 billion off its value.

Other prominent social media slid Thursday afternoon. CEO Mark Zuckerberg has defended Holocaust deniers.

"Earlier this week, the company was slammed by the parents of a Sandy Hook massacre victim for the hoax claims that emerged on the platform", Fox News reported. And it continued to suffer fallout from investigations into Russian manipulation of the platform during the 2016 US presidential election. It went into effect in May and gives Europeans more control over their personal data. The company's user base flatlined in its biggest market, the USA and Canada, at 185 million daily users, while declining 1 per cent in Europe to 279 million daily users. Facebook has beaten both of those very big, frightening days on the United States stock market. and it's just another day with no major news.

It's quite possible that Facebook's shares could recover and continue to climb.

Zuckerberg himself lost more than $15 billion in net worth in one day and is no longer among the top five billionaires in the world, USA Today reported.


At the stock's lowest point, more than $148 billion of the company's value - significantly more than the entire market cap of IBM ($134 billion) - had been wiped out.

Here's what Facebook CFO David Wehner said on the fateful earnings call: revenue growth will probably "decline by high single-digit percentages from prior quarters" and "we are also giving people who use our services more choices around data privacy which may have an impact on our revenue growth".

In contrast to Facebook, Amazon on Thursday in the U.S. reported a record profit and forecast plowing past analyst estimates. If that loss holds through Thursday's close, he will slip to sixth place from third in the Bloomberg Billionaires Index. "As such, we would be aggressive buyers of the stock on weakness this morning". Wehner warned that Facebook expected its revenue growth to slow from the 42% pace it posted in the second quarter and its operating margins to fall from 44% in the period. The company's quarterly revenue fell slightly short of meeting the expectations of Wall Street analysts. Shares of Facebook fell 17 per cent in the days after news broke.

Facebook used to be made out of corporate Teflon.

Now we have real-life advertising from Facebook saying it's concerned, and looking after our privacy. It was Facebook's worst trading day since going public in 2012; the collapse eclipsed Intel's decline of $91 billion in September 2000, without adjusting for inflation.


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