Posted on 07/26/2018 2:38:36 PM PDT by Enlightened1
Facebook on Thursday posted the largest one-day loss in market value by any company in U.S. stock market history after releasing a disastrous quarterly report.
The social media giant's market capitalization plummeted by $119 billion to $510 billion as its stock price plummeted by 19 percent. At Wednesday's close, Facebook's market cap had totaled nearly $630 billion, according to FactSet.
No company in the history of the U.S. stock market has ever lost $100 billion in market value in just one day, but two came close.
On Sept. 22, 2000, Intel shed $90.74 billion in market value as the dot-com bubble burst. Earlier that year, Microsoft lost $80 billion from its market cap in one day.
Other companies that have experienced similar one-day losses in dollar amount include Apple in 2013, when it lost $59.6 billion, and Exxon Mobil in 2008, when it lost $52.5 billion.
Facebook's enormous loss in value came a day after the company reported weaker-than-expected revenue for the second quarter as well as disappointing global daily active users, a key metric for Facebook. The company also said it expects its revenue growth rate to slow in the second half of this year.
Several analysts downgraded Facebook's stock, including Nomura Instinet's Mark Kelley. "With stagnating core user growth, we think there is too much near- to mid-term uncertainty to recommend shares at this point," Kelley, who downgraded the stock to neutral from buy, said in a note.
The percentage decline was also the worst in Facebook's history.
(Excerpt) Read more at cnbc.com ...
I don’t do Facebook so never understood it’s so popular. But I also never understood how it was so valuable as a going concern business.
Maybe this is just a predictable market correction? Bad news about Facebook and their operations, combined with erosion of the customer base will cause stock prices to tumble.
Maybe JimRob can pick up a couple of high-end servers cheap when Fakebook goes belly up.
maga!
Picture Zuckerturd mopping floors at Chik-fil-A while I sip on a White Peach Tea Lemonade and sing Amazing Grace.
The Dow Jones is up 112 today.
Tomorrow’s news of rumored 5% quarterly growth well make the market explode tomorrow.
Aww. Might have to put his Kauai estate on the market.
Boom!
4/10 in 2018, and none at all between then and 2013. Meaningful?
"I never want to own stock in a company whose major line of business can be replicated by a small group of smart people over a long weekend."
I got sucked in because of kids and grandkids.
I don't do ANY political posting on it.
FB and Twitter teamed to work for FBICIADOJSWAMP and Obama to try to stop PDJT.
I am watching what happens to Twitter...O’Keefe’s latest undercover video so far hasn’t hurt them...their shadowbanning has to be stopped.
Zuck’s not smart enough to cook his quarterly report like every other publicly-held company?
I know the locals would be thrilled.
WTG, Zuck!
(Oh. I probably own some in a mutual fund somewhere, but that’s OK.)
BRAVO !
ps: FB is EVIL
The Leftist conclusion will be.....’We need to Censor more!’
Ha ha! Suckerberg will be bagging groceries for a living before long.
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