Saturday, Aug 18th

Last update05:20:13 AM GMT

You are here News Economy Facebook stock drops 19%, loses $120 billion in value after warning that revenue growth will take a hit

Facebook stock drops 19%, loses $120 billion in value after warning that revenue growth will take a hit

E-mail Print PDF
Facebook stock plummeets

Facebook Inc. is evidently not bulletproof.

On Thursday, Facebook FB, -19.04% has lost about $120 billion in market capitalization, after its earnings report after the market close on Wednesday missed expectations on revenue and showed slowing user growth. Weak guidance also rattled investors.

Should the stock close below $176.46, it would mean shares have wiped out their 2018 gains. In early-afternoon trading Facebook stock was down 19% to $176.33. As of 12:59 pm Eastern time, 119.2 million shares have changed hands.

The social-media behemoth’s stock lost roughly one-fifth of its value in the extended session Wednesday. The stock dropped about 7% immediately after the earnings report was released, then plummeted to a loss of more than 20% as a conference call with analysts progressed.

Close to 34 million shares changed hands in Wednesday’s extended session, well above the average volume of 17 million shares for a regular trading session over the past month.


Most Recent Related Stories...

CBO downgrades economic growth projection for 2018

CBO downgrades projections for 2018The U.S. economy will grow at 3.1 percent in 2018, according to updated projections by the...

Trump threatens to hit all $505bn of Chinese imports with tariffs

Trump threatens to hit all $505b in Chinese tariffs Donald Trump escalated economic global tensions on Friday, lashing out a range of targets that included...

Apple makes history by becoming first company to reach $1 trillion market value

Apple becomes trillion dollar company Apple, which already held the crown as the most-valuable company on earth, made Wall Street history...

Trade war: Trump again threatens China with $200B in new tariffs

Trump threatens new tariffs on ChinaLast week, the United States formally imposed $34 billion in tariffs on Chinese products and Beijing...
America's # 1 Enemy
Tee Shirt
& Help Support!
TVNL Tee Shirt
Conserve our Planet
& Help Support!
Get your 9/11 & Media
Deception Dollars
& Help Support!
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!