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NEW YORK (AP) – The latest on Facebook's release of user growth and expectations for the upcoming business (all-weather local):
4:50 pm
The 19 percent loss of Facebook stock hashed
This is the worst trading day of the company since its IPO in 2012 and among the largest losses in value of a day on the US stock market.
The loss occurred a day after Facebook revealed that its user base and revenues grew more slowly than expected in the second quarter due to privacy concerns.
These revelations stunned investors, who believed that the company had resisted the recent user privacy scandal.
12:45 pm
The erosion of Facebook's value as it is perceived on Wall Street involves staggering numbers
. business market value (the number of shares outstanding number multiplied by the value of a single share) fell more than 122 billion.
In a day, the decline in the market value of Facebook is roughly equivalent to the market value of McDonald's or Nike. or take a few billion. And it far exceeds the total market value of large US multinational corporations such as General Electric, Eli Lilly or Caterpillar.
The company still has a total market value of nearly $ 511 billion, exceeding the annual gross domestic product of countries like Poland.
Facebook was devalued by a number of industry analysts who were caught off guard by slowing growth as a result of the Cambridge Analytica scandal
The company's shares fell by 19 percent Thursday.
10:40 am
Facebook could head for its worst day in the markets of its history a day after the company revealed that the growth of users, amid swirling questions about how their information is used, slowed down.
Thursday, prices rise by more than 100 billion dollars in market value.
The financial results of the social media company, released Wednesday night, are far from Wall Street expectations as the company continues to address privacy issues. He also warned that revenues would slow down by promoting new products
Facebook had 2.23 billion monthly users as of June 30, up 11% from the previous year, but well into Below expectations of industry analysts
are the first full quarter after the revelation of the Cambridge Analytica privacy scandal. The company is also facing European confidentiality rules that came into effect in May.
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