Facebook has worst day in stock market history

Facebook has worst day in stock market history

Facebook has worst day in stock market history

And in the view of BTIG analyst Rich Greenfield, Facebook is making an investment that will pay off down the road.

As a effect, the personal fortune of Facebook's chief executive Mark Zuckerberg fell by nearly $US16 billion.

Last quarter, Facebook also was undermined by the reaction to its involvement with Cambridge Analytica, the third-party developer accused of mishandling data on up to 87 million Facebook users and using it to help target ads for political campaigns in the USA and the U.K. The social network had to rewrite its playbook for working with developers and audit hundreds of developers to a account for any data it shared in the past.

"This is a direct result of scale as it becomes increasingly hard to grow at such high rates when a company hits this size", Windsor wrote.

Mark Zuckerberg has lost around £13 billion of his personal fortune after Facebook suffered its worst ever day on the stock market.

If losses hold at that level Mark Zuckerberg's firm will earn the dubious honour of having suffered the largest single-day fall in value of any company in United States stock market history.

Poletti said the steep decline was "stunning not only because of the scale, but because Facebook had managed to avoid this type of punishment through a multitude of sins too numerous to fully list here". $130 billion had been wiped off of Facebook's market cap as a result of the stock's plunge. Revenue fell short of expectations, coming in at $13.23 billion versus the $13.36 billion analysts polled by Thomson Reuters were expecting.

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At the conference call chief financial officer David Wehner said operating profit margin will sink to the "mid-30s" for more than 2 years. "But as I've said on past calls, we're investing so much in security that it will significantly impact our profitability". The share price was on its way to the biggest single-day drop in the company's history. "But we also need to keep building new tools to help people connect, strengthen our communities, and bring the world closer together". In addition, the company expects to invest in products like Stories "that now have lower levels of monetization", while the introduction of new controls for users to limit their data-sharing with Facebook "may have an impact on our revenue growth", the CFO said.

Rahul Shah, chief executive officer at Ideal Asset Management in NY, a Facebook shareholder, said executives were trying to reset expectations about growth but the outlook caught Wall Street by surprise.

Facebook is now down 3.2% this year.

"GDPR was an important moment for our industry", Zuckerberg said Wednesday, acknowledging the decline.

"The company has a track record of resetting revenue growth and expense expectations only to turn around and exceed those expectations the following quarter", said Gene Munster of Loup Ventures.

Facebook has other bright spots. Oil giant Exxon Mobil already reeling from the financial crisis and recession in October 2008, lost $US53 billion one wretched Wednesday that month. Amazon.com fell 2.8 per cent ahead of its own results, which boosted its shares again in after-hours trading.

"The implementation of GDPR in Europe and continued scrutiny of privacy policies following the Cambridge Analytica scandal left investors feeling uncertain about Facebook", says Aaron Goldman, CMO of 4C, a Facebook marketing partner.

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