Facebook market value shrinks by $119 billion in biggest single day loss
Jul 27, 2018, 10:43
Until now, no company in the history of the US stock market has ever seen $100 billion of its market value get vaporized in a single day. Overall, Facebook grew its global users by 11 percent from the same time a year ago.
"Our total revenue-growth rates will continue to decelerate in the second half of 2018, and we expect our revenue-growth rates to decline by high-single-digit percentages from prior quarters sequentially in both Q3 and Q4", he said.
But the number of people who use the network every day, representing Facebook'smost devoted users, remained flat in the USA at 185 million. It went into effect in May and gives Europeans more control over their personal data.
Overall, technology giants - Facebook, Apple, Google, Amazon and others - have enjoyed nearly unprecedented growth in revenue and stock price for years.
On Wednesday the initial fallout from Cambridge Analytica appeared in Facebook's financial results and forecast and it was a game changer.
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Stepping back to the second quarter of 2017, ecommerce had 14.6% YoY growth in the US , with a major spike around Memorial Day. July 17 was the biggest sales day for smart home devices in Amazon history, with over a million devices sold.
The report, which marked Facebook's first full quarter since the Cambridge Analytica scandal, startled investors with a bevy of red flags about setbacks to its revenue and user growth.
Chief executive Mark Zuckerberg said the tech giant has been investing heavily in "safety, security and privacy" after being rocked by concerns of manipulation of the platform and the hijacking of user data. The new regulations are also affecting user growth in the region because of the impact of requiring consumers to opt-in to Facebook and to linking their accounts to third-party websites, Pachter said. Quarter after quarter, Facebookhandily beat sales and profit estimates by Wall Street analysts.
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According to the research firm, Facebook-owned Instagram is making up for some of the slowdown in growth at social network and will generate $8.06 billion in worldwide ad revenue this year.
Facebook missed projections on revenue and global daily active users this quarter after struggling with data leaks and fake newsscandals.
"I think many investors are having a hard time reconciling that deceleration", Brent Thill, an analyst at Jefferies LLC, told Facebook executives, asking for a little more clarity on the reasoning.
"T$3 he fundamental damage to the Facebook platform has been "very contained" in our opinion and is generally better than feared from the white-knuckle period a few months ago", he added.
Despite the rocky quarter, Facebook shares had hit an all-time high before Wednesday's earnings report and its quarterly revenue was still up 42 percent from this time previous year.
Siva Vaidhyanathan, a media studies professor at the University of Virginia and author of the new book, "Antisocial Media: How Facebook Disconnects Us and Undermines Democracy", dismissed the significance of the stock plunge.
The PA reports that investigators believe Sturgess was exposed to 10 times the amount of Novichok as the Skripals. Police believe they came into contact with the substance via the door handle of Sergei Skripal's house.
The same day Hamas said it launched rockets and mortars in response to the Israeli air strikes which wounded 30 Palestinians. Palestinians in Gaza view the balloons and kites as legitimate resistance against Israel's more than a decade-long blockade.
Stocks fell sharply Wednesday as concerns over escalating trade tensions threatened to erase the week's gains. Investors fear an escalating trade war between the world's two biggest economies could hit global growth.
Olivia replaces the utterly brilliant Claire Foy as Lizzie, a role which bagged her a Golden Globe for the Netflix series in 2017. The Netflix series traces Elizabeth's journey from princess to queen and through the years of her reign, beginning in the 1950s.
The company can not afford to alienate customers, with sales already under pressure from rivals such as Domino's. Schnatter owns almost 30 percent of the stock. 'Regardless of the context, I apologize, ' the statement said.
Health officials deemed the boys and their coach mentally and physically fit to receive the news of Kunan's death on Saturday. Some of the boys recorded messages of thanks to the people who rescued them, and to the world.
Mannarino steadied himself in the second set to postpone the inevitable, but Federer pulled away for a 6-0, 7-5, 6-4 victory. As it turned out, events conspired to spoil Nike's plans - as a 21-year-old Andy Murray knocked out Nadal in the semi-final.
Chinese President Xi Jinping called on Brazil, Russia, India, China and South Africa (BRICS) to reject protectionism. As the member hardest-hit by Trump's trade moves, China is looking to diversify its trade ties to mitigate fallout.
Former Spain and Real Madrid goalkeeper Iker Casillas also got involved with a passionate defence of the Liverpool man on Twitter. We caught up with Jürgen Klopp at the team hotel in Charlotte yesterday. "Like Manchester United didn't care what I said".
Croatia can be backed at [3.0] to win the World Cup on Sunday, while opponents France are the strong favourites at [1.5]. Mario Mandzukic wheels away after scoring the winning goal in Wednesday's semifinal between Croatia and England .
Sergio Marchionne, recent Fiat Chrysler CEO, dead at 66
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White House struggles to contain pol outcry
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Dion Smith set to continue in Tour de France
Thomas started the day a minute ahead of his nominative captain Froome, who eventually struggled back to the lead pack on his own. The main group would cross 27 seconds behind the winners, with Landa and France hope Romain Bardet ending seven seconds back.
Two steps back on North Korea
Kim also appeared to suggest another summit with Trump. "We still cherish our good faith in President Trump ", the statement said. President aimed at opening up a new future between the DPRK and the USA will surely come to fruition", the letter said.
Neymar Breaks His Silence On Brazil’s World Cup Exit
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New Liverpool FC signing sends upbeat message to fans
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Maisie Williams posts on Instagram: 'Goodbye Game of Thrones'
Game of Thrones has been shot in locations such as Northern Ireland, Croatia, Iceland, Morocco, Spain and Malta, among others. Among the hashtags she used was a #lastwomanstanding - don't worry, that's nearly certainly not a spoiler of any kind.
Apple Music narrows Spotify’s lead in United States music market
Apple Music's's rate of growth is also higher than Spotify's , therefore Apple is expected to widen its lead in the coming months. And sure enough, the worldwide figures for Spotify and Apple Music show a spread that is more in line with what one would expect.