Social Media

Facebook just suffered its worst day ever

7/27/18
from CNBC,
7/26/18:

Facebook just suffered its worst day as a public company, shedding 19 percent after a second-quarter revenue miss and disappointing daily active user count. -The company missed projections on key metrics after struggling with data leaks and fake news scandals. -The stock is flirting with bear market territory — nearly 20 percent off its 52-week high — after having clawed its way back from those levels hit on the heels of the Cambridge Analytica privacy scandal earlier this year. The shares fell as low as $173.75 Thursday before ending the session at $176.26. Thursday's plunge knocked roughly $120 billion in market value off the tech stock and dragged the rest of the sector lower.

The company missed projections on key metrics after struggling with data leaks and fake news scandals.

Facebook also missed on advertising revenue projections, with $13.04 billion compared with the StreetAccount and FactSet estimate of $13.16 billion. On a call with analysts, Facebook delivered some jarring warnings to investors, saying it expected its revenue growth rates to be lower than the year prior, especially in the second half of this year. (Facebook has a history of earnings calls that hurt the stock.)

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