Mark Zuckerberg loses $16.8 billion in a snap as Facebook plunges
26 July, 2018, 10:43 | Author: Salvatore Jensen
Shares in Facebook, which have risen about 23 per cent this year, fell 8.6 per cent to $198.71 in trading after the bell as investors reacted to the results. His fortune tumbled in late trading Wednesday, as shares of the social media giant slid 20% in post-market trading in NY on disappointing results.
Revenue, fueled by mobile advertising sales, increased 42 per cent to US$13.2 billion in the quarter, Facebook said Wednesday in a statement.
The company reported net income of US$5.11 billion, or US$1.74 a share, compared with analysts' average estimate of US$1.71 a share, according to data compiled by Bloomberg.
The chief financial officer, David Wehner, said: "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". Its average number of monthly active users for the period came in at 2.23 billion, or about 20 million fewer than projected.
Analysts attributed the user growth shortfall largely to European privacy rules that went into effect in May.
Facebook's after-hours decline was $133 billion, according to Dow Jones data gurus.
It's a rare moment of weakness for Facebook (FB) at a time when investors are scrutinizing the company carefully to determine whether there is any lingering damage from months of bad press, user outrage and regulatory scrutiny. Analysts who follow Facebook were blindsided, asking frequently on a conference call with executives for more information on exactly how the company's financial future had changed so dramatically. The legislation, known as the General Data Protection Regulation, cost Facebook about 1 million users in Europe, he said. Facebook's results prompted selling in other Nasdaq listings, including media and advertising rivals Amazon.com Inc, Netflix Inc and Alphabet Inc. Facebook said that family audience measures how many people it counts across all of its apps, including the main Facebook app, Facebook Messenger, WhatsApp and Instagram.
"There is never a "right time" for a transition like this, but the team and the company boast incredible talent and will navigate this well", Stretch said on his Facebook page. There are now 2.5 billion people who used at least one of Facebook's apps in June, including Instagram, WhatsApp and Facebook.
Gene Munster, a venture capitalist at Loup Ventures, said in an email that Facebook is "entering a new period" where declining user growth will translate to slower revenue growth.
Facebook's shares had earlier closed in NY at US$217.50, a record high, and had gained 23 per cent this year.
Facebook's operating margin fell to 44 per cent in the second quarter from 47 per cent a year ago.
He added that Facebook has "a track record of resetting revenue growth and expense expectations only to turn around and exceed those expectations the following quarter".
Not only did they make sure the youngster didn't go home empty handed, the Chicago franchise even went one better. The Cubs made up for the kid missing out on the ball by delivering two baseballs signed by Javier Baez .
TMZ updated its report, stating that paramedics were called to Lovato's home, where she was found unconscious. Lovato has always been an open when it comes to her mental health and struggles with substance abuse .
During a news conference after Monday's summit, Mr Trump was asked about alleged Russian meddling in the United States election. But Trump stopped short of alleging Putin was dishonest and said he did not "want to get into whether or not he's lying".
Officers detain a protester as Great Britain's Geraint Thomas , right, wearing the overall leader's yellow jersey, rides past. The incident happened 29km (18 miles) into the stage linking Carcassonne to Bagneres-de-Luchon.
It's the first sign that North Korea may be razing some of its facilities associated with its nuclear and missile programs. The North didn't turn it into a spectacle as they did with the Punggye-ri nuclear test site in May.
Cavendish struggled across the finish line atop the summit more than 1 hour, 5 minutes after stage victor Geraint Thomas . The 158.5 km stage from Annecy to Le Grand-Bornard featured three category one climbs, including two in the final 30 km.
Avenatti has a history of taunting the president with claims to have more information on Trump's alleged indiscretions. In an interview Stephanopoulos earlier this month, Cohen said his family "and this country" have his "first loyalty".
The term was coined by Brazil's finance minister, Guido Mantega, who was describing a 2010 stand-off between the USA and China. India's Commerce Department had suggested keeping 25 percent tariffs on solar cells and modules imported from China on Monday.
Delattre said it was important to avoid "any premature signal of a loosening of sanctions that would be a counter-message". Trump said he secured a commitment from Russian Federation to "help" with the North Korea issue.
Most people, whether they root for Barcelona , River Plate, Notts County or anyone in between, understand this. He also spoke out about his disappointment about the Alisson signing so a move could be best for all parties.
Monchi explained that it was only later that day that he found out Barca had made a bigger offer for the 21-year-old attacker. Although we don't have any signed documents, I have lots of messages from [Malcom's] agent and [Bordeaux's] president.
Industry groups that represent agriculture, as well as politicians from agricultural states, have criticised the tariffs. Referring to America's trade partners, Trump said: "They'd do whatever they wanted, and we'd just put up with it".
Hundreds missing after Laos dam under construction collapses
Boats are said to have been brought in to help evacuate people as water levels continue to rise, according to ABC Laos news. Almost 24 hours after the dam's collapse local authorities said they were struggling to gauge the extent of the disaster.
Who will benefit from the tax cut on sanitary napkins?
It is expected that the council would decide on revision of tax rates on vending machines and lithium ion batteries among others. Sources, however, said the tax rate reduction is likely to cost around Rs 8,000-10,000 crore annually to the exchequer.
Gunman dead after shooting nine people in downtown Toronto
Footage from the scene shows a man walking along the footpath before pulling a pistol and firing through a restaurant window. My evening was nice until I heard shooting right out of my place on the danforth. "The gun violence in Toronto is insane ".
Fortnite Summer Skirmish Replaces Friday Fortnite
It's a particularly impressive number considering the game is free to play and has been out for less than two years. According to Superdata's report , the Battle Royale genre is undoubtedly the most popular one at the moment.
SDCC 2018: Sony unveils new limited edition Spider-Man PS4 Pro
The console is painted "Amazing Red" and featured the signature white spider emblem created by Insomniac plastered on the console. Available as part of a Spider-Man PS4 bundle, gamers can jump into the action on September 7, when the console goes on sale.