Facebook stock loses over $120 billion in value
The previous record was held by Intel, who lost about $91 billion in a single day back in 2000. Although Facebook's current drop in market value clears this amount by a fairly large margin, another interesting fact is that should its stock close below $176.46 today, this would mean that its shares will have wiped out their 2018 gains.
The tech giant was worth $629.6 billion yesterday, but sees itself valued at around $509 billion right now, marking a massive drop of over $120 billion. Facebook's shares closed at $217.50 on Wednesday, but opened at $174.89 today, down by over 19%. At the time of writing, its shares stand at exactly $175.13.
These losses come following the release of the company's Q2 earnings. The figure of 2.23 billion monthly users was up just 1.54%, much slower than 3.14% in Q1. In particular, user growth declined in Europe from the previous quarter, presumably because of the GDPR privacy policies which came into effect last quarter. Aside from the much slower quarter-over-quarter user growth, the firm also did not manage to clear expected revenue earnings.
David Wehner, Facebook's Chief Financial Officer, disclosed today that the social media giant expected its total revenue-growth rates to "continue to decelerate in the second half of 2018". This statement, along with the massive drop in market value, has raised warning signs for the company - particularly with respect to its performance in the upcoming months.
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Source: https://www.neowin.net/news/facebook-stock-loses-over-120-billion-in-value-marking-biggest-one-day-drop-of-all-time
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MykhalPosted:
Would be better to invest now while its at an all time low i don't think facebook is going anywhere unless someone creates another social media platform like facebook or better as for them spying on people I'm not doing anything illegal so I'm not worried about it i don't lead a very private life anyways
Two_FacedPosted:
Totally reasonable thing for a company that is okay with censorship and doesn't support free speech. Not to mention gathers data and spy's on its users.
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