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US billionaire Mark Zuckerberg lost $ 16.8 billion in wealth after Vipsook's sharp decline in disappointing trading results and analysts' expectations.
Following the results, Facebook shares plunged up to 20%, after the company's chief financial officer announced that revenue growth is expected to decline over the next two quarters.
Given the market capitalization at Wednesday's close, Facebook has lost more than $ 123 billion in market value.
These events occur despite the fact that Facebook's net profit increased by 31% to $ 5.10 billion in the three months ended in June, compared to $ 3.89 billion for the comparable period of 2017 Earnings per share amounted to $ 1.74 in the second quarter of this year, compared to $ 1.32 for the same period last year, compared to $ 1.72 expected. Although net profits were slightly better than expected, the turnover and the number of users were below expectations due to the Cambridge Analytica scandal and the European law on the protection of personal data.
In the second quarter of this year. Analysts had forecast revenues of $ 13.36 billion. This is the first time since the first quarter of 2015 that Facebook's revenue is below expectations. The number of Facebook users grew by 11% in June compared with the same period last year to reach 1.4 billion and 470 million users.
Total costs and expenses jumped to $ 7.36 billion in the second quarter of 2018. According to Facebook, mobile advertising revenue accounted for 91% of the total advertising business of the previous period, up from 87 % in the quarter ended June 2017.
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Source: Newspaper News
