Published: Sat, July 28, 2018
Money | By Ethel Goodwin

Facebook Lost Over $100 Billion in Market Capitalization Today, A New Record

Facebook Lost Over $100 Billion in Market Capitalization Today, A New Record

"Facebook is actively choosing to make less money, deprioritizing near-term monetization to drive engagement to even higher levels to capture even more of their 2.5 billion monthly users' time and attention", he wrote.

The price target upgrades come after the e-commerce giant reported blowout second-quarter earnings.

Read the full story at Fox News.

Meanwhile, other observers think the technology expert may be in over his head when it comes to the many other aspects of his global business.

Zuckerberg has been struggling to right the ship for months following a string of privacy-related scandals; pledging to crackdown on "fake news", racism, and foreign meddling in the USA election system. And it continued to suffer fallout from investigations into Russian manipulation of the platform during the 2016 USA presidential election. That has left Facebook as a leader alongside Alphabet Inc's Google search engine and YouTube video service. The quarter was also marked by Europe's implementation of strict new data laws, which Facebook said led to fewer daily visitors in that region. The company's user base flatlined in its biggest market, the USA and Canada, at 185 million daily users, while declining 1% in Europe to 279 million daily users. We'll keep you updated on the latest.

Zuckerberg's status as one of the wealthiest men on the planet is dropping, and so is his company's worth.

Facebook just had the biggest wipeout in stock market history.

Windsor added that Facebook is forced to hire more people to handle tasks such as filtering inappropriate content after discovering the limits of artificial intelligence. Internationally, sales were up 27 percent to $14.6 billion, while net loss fell from $724 million to $494 million. "Looking beyond 2018, we anticipate that total expense growth will exceed revenue growth in 2019". It reported revenue of $13.2 billion for the quarter, missing Wall Street estimates and rattling investors.

Facebook didn't respond to a request for comment. "As such, we would be aggressive buyers of the stock on weakness this morning".

The company posted $13.23 billion in revenue for the second quarter, missing estimates of $13.36 billion.

Shares in Facebook plummeted 19 percent to close at $176.26 Thursday, wiping out $100 billion. Not only that but Facebook has had concerned citizens of the world question its privacy, data collection, and its stance on fake news, and hate speech. The previous record-breaking collapse was when Intel lost $91bn on one day in 2000. First, on Thursday, Facebook's stock plummeted 19%, erasing $120 billion in value-the biggest one-day drop in any public company, ever-and personally costing Zuckerberg almost $17 billion.

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