6 years ago
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Facebook loses $120 billion in market cap after awful Q2 earnings
Facebook’s share price fell over 20 percent in after-hours trading today after the company announced its slowest-ever user growth rate and a scary warning that its revenue growth would rapidly decelerate. Before today’s brutal Q2 earnings, Facebook’s share price closed today at $217.50 – a record high — but fell to around $172 after the earnings call. That’s a market cap drop of roughly $123 billion. In two hours, Facebook lost more value than most startups and even public companies are ever worth.
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Maybe if they dedicated some time and resources to actually care about the privacy of their users, they wouldn't have such an issue with users closing accounts and going elsewhere, which impacts the amount of people who see ads and hence how much Facebook can charge their advertisers, their earnings wouldn't be decelerating so much.
And to care about the privacy of non users who they also track,but nope.I hate facebook and have never used it. This made me smile.
Revenue growth will decelerate. So it will still grow, just slower. And this is somehow very bad in the modern world.