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SÃO PAULO – With a $ 119 billion fall on Thursday (26th), Facebook lost more market value than gross domestic product (GDP) of 150, according to IMF data. International Monetary Fund). The figure was slightly lower than the Kuwaiti economy ($ 120 billion) and higher than that of Morocco and Ukraine, which have a GDP of about $ 109 billion each.
The value lost today by the social network is twice as large as the entire Uruguayan economy, which according to the IMF has a GDP of 58 billion dollars. The number surprises even compared to economic giants, like Portugal, with the fall of about half of the European economy. Compared with the stock market, this $ 119 billion is equivalent to the entire Argentine stock market.
Last night, the social network reported its results, noting that it has not beaten analysts' projections regarding growth and user revenues. In the aftermarket, just after the publication of the figures, newspapers fell by 10%, but losses increased with teleconferencing, where Chief Financial Officer David Wehner revealed that the giant was expecting the slowdown revenues will continue.
Total revenue growth rates will continue to slow in the second half of 2018, and we expect our revenue growth to decline by one digit to one quarter from the previous quarters in the third and fourth quarters, " did he declare. Wehner also said that Facebook expects spending growth between 50% and 60% over last year.
The company started showing the first signs of the impact of recent data leaks scandals, with revenues and numbers of people accessing the site daily falling below expectations. Facebook had 1.47 billion daily users in June, against 1.48 billion analysts surveyed by Bloomberg.
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