Wednesday, 17 October, 2018

Facebook loses $130 bn in just two hour, Zuckerberg $17 bn

Facebook loses $130 bn in just two hour, Zuckerberg $17 bn Facebook loses $130 bn in just two hour, Zuckerberg $17 bn
Lindsey Cook | 28 July, 2018, 19:49

He was listed Thursday as $81.9 billion poorer than Jeff Bezos, who still hold the top spot on that list.

And slower growth on the primary Facebook platform doesn't overshadow growth on its other holdings, they say.

The change was due to the European Union implementing the General Data Protection Regulations, which imposed new rules on how internet companies store customer data. Those problems hadn't mattered to the success of the business - until now.

While gargantuan in sheer number, the drop in Facebook's market value doesn't spell the end for the company.

On start of play Thursday 26 July, when U.S. markets reopened, Facebook saw more than $109 billion (£83 billion) wiped off of its market valuation.

After all, from what little we know, the kids these days seem to be into Snapchat and Fortnite rather than posting semi-snide comments about the bridesmaid dress your friend has just got for Aunty Edwina's third marriage.

For Facebook, financial stumbles are rare. The data released by Facebook in the Q2 2018 earnings call indicates that even though revenue increased 42 percent to $13.2 billion, it was still lesser than the Wall Street estimates of $13.3 billion.

Facebook has faced dozens of lawsuits over its handling of user data in a scandal also concerning the United Kingdom firm Cambridge Analytica.

Mark Zuckerberg is also counting the cost of user disenchantment with Facebook. The company was bombarded by public criticism over its content policies, especially in countries such as Myanmar and Sri Lanka where misinformation has led to violence. And it continued to suffer fallout from investigations into Russian manipulation of the platform during the 2016 USA presidential election.

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The social media platform's second quarter earnings report showed it had lost approximately a million monthly users and 3 million daily users in Europe, with no user growth in the US. Overall, Facebook grew its global users by 11 percent from the same time past year.

Total net sales for the second quarter rose 39 percent to $52.9 billion, missing the average analyst estimate of $53.4 billion. Analysts projected $13.3 billion. The stock tanked that day after the company failed to convince investors that it could sell mobile advertising.

"Our total revenue growth rate decelerated approximately 7 percentage points in Q2 compared to Q1", he said.

It was Facebook's lowest user growth rate ever.

Much ground has been lost in the short span of 24 hours - a fall from which Facebook will have to work hard to recover.

Facebook has been playing favorites with certain users and companies who lean left politically, silencing pro-Trump people and companies including the influential Diamond and Silk.

However, media buyers believe the company will bounce back.

Brian Sheehan, a Syracuse University professor of communication and advertising, said the weak forecast "made investors nervous about more basic long-term issues" with the huge social network, notably its diminished appeal to younger users. The company may have halted more ad purchases than expected as it applied a broad definition of what's considered "political".

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