Facebook stock took an insane pummeling on Wednesday,wiping nearly $150 billion off of the company’s value.
Disappointing second-quarter earnings and a far-from comforting management conference call were to blame for the dramatic share price tumble.
Facebook missed Wall Street expectations on revenue growth and user numbers. Revenue rose 42% to $13.23 billion but was $70 million short of forecasts. Monthly active users were around 20 million below predictions at 2.23 billion, despite being up 11% on Q2 in 2017.
- Facebook lost almost $150 billion off its value on Wednesday after the company missed Wall Street’s expectations on revenue growth and user numbers.
- Analysts lowered their price targets and said the worst is yet to come for Mark Zuckerberg ‘s company.
- Follow Facebook’s stock price in real-time here.