Facebook’s market value plunged by $148 billion

Facebook’s stock is going downhill and it doesn’t look like it’s going to stop soon. Immediately following the company’s disappointing earnings report — in which it reported worse-than-expected user growth and revenue — investors sent its shares down more than 10%. Then, during the company’s earnings call with investors, the shares fell even more as CEO Mark Zuckerberg and his colleagues warned of slowing revenue growth and increased expenses in the months ahead. At one point, the company’s stock was down nearly 24%, and its valuation had fallen by a whopping $148 billion.
The company’s second-quarter revenue — $13.23 billion — missed expectations by about $70 million. Its average number of monthly active users for the period came in at 2.23 billion, or about 20 million fewer than projected. This is the second time this year Facebook’s stock has taken such a dramatic downturn.

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