Facebook stock plunges, Zuckerberg loses $16 billion
By MYBRANDBOOK
Just minutes later Facebook CEO Mark Zuckerberg told analysts over call that the company had a ‘solid quarter’, everyone was taken by surprise. Facebook’s shares fell as much as 20%, with Zuckerberg’s net worth slumping more than $16 billion. The company has reported weaker-than-expected second-quarter results owing to new privacy laws and issued guidance that its financial future isn't as rosy as some investors thought it might be. Set against this backdrop, one activist investor wants Zuckerberg out as the firm's chairman.
Zuckerberg has earlier sparked outrage when he described Facebook's handling of content from Holocaust deniers on the social network. He subsequently backtracked on his comments, in which he had commented that there are a set of people who deny that the Holocaust happened which he finds deeply offensive, but Facebook will take that down as he thinks there are things that different people get it wrong.
“Facebook’s missed expectations on revenues and user growth and management’s warning that revenue growth rates would decelerate in the next two quarters, likely reflect more than one market trend,” commented Lynnette Luna, Principal Analyst at GlobalData.
"Facebook is finally feeling some pressure from its bad publicity around data privacy, it is facing market saturation in North America and the General Data Protection Regulation law that went into effect in Europe in May 2018 resulted in the loss of 3 million daily active European users from Q1 to Q2. Growth metrics in the US and Canadian markets were particularly concerning as Facebook has been stagnant at around 185 million daily active users for four straight quarters. That metric is significant as Facebook earns more revenue from North American users than any other user geography globally,” she said.
Fortunately for Facebook, it has been preparing for a slowdown of its main platform during the last several years by acquiring and investing in the Instagram, WhatsApp and Messenger platforms. That’s why Facebook is now publicizing a new metric that involves measuring users accessing its community of platforms. In June 2018, 2.5 billion people worldwide used one of these platforms. This is an important shift because the metric counts individuals rather than active accounts since users can have multiple accounts on a single app
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