Tech firms prepare for share plunges as Facebook loses $128 billion

Zuckerberg loses more than $15 billion in record Facebook fall

Facebook shares sink 8% as Q2 revenue and user growth misses analyst estimates

Other big investors of Nasdaq-listed Facebook also took a hit as disappointing second-quarter results obliterated US$119 billion of market value, the most ever in a day for a U.S. company.

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.

This led to investors worrying Facebook's problems are not unique, resulting in share sell-offs throughout the tech sector on Wednesday. Overall, Facebook grew its global users by 11 percent from the same time previous year.

Facebook also had 185 million North American DAUs and 279 million European DAUs, below the FactSet forecasts of 185.4 million and 279.4 million respectively.

Wall Street didn't take too kindly to that: Facebook's stock price dropped almost 20 percent in after-hours trading.

During the call, Facebook Chief Executive Mark Zuckerberg tried to recast the disappointing earnings.

The second quarter of 2018 was the first full accounting period following the exposure of the Cambridge Analytica scandal in March. The company said revenue from the category and some other items grew 132 percent to $2.2 billion (roughly Rs. 15,000 crores).

Facebook Inc.'s scandals are finally hitting the company where it hurts the most, its growth.

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With the Cubs over the last two seasons, he has an ERA of 3.98 in 11 starts and 10 relief appearances. The 34-year old has had a rough season with a 5-9 record with a 4.72 ERA and 1.37 WHIP.

Some investors were also dismayed with Facebook's revelation about Instagram Stories, which allow users to post videos or photos that disappear after a day.

Everyone's favorite social network Facebook reported its second-quarter earnings this Wednesday.

"With stagnating core user growth, we think there is too much near- to mid-term uncertainty to recommend shares at this point", Japanese investment bank Nomura said.

The loss of stock value bumped Zuckerberg from number four down to number six - six! - on Forbes' ranking of the World's Billionaires, behind Spanish fashion magnate Amancio Ortega and Warren Buffett. In case of the latter, Wehner noted that "total expense growth will exceed revenue growth in 2019", pushing down operating margins.

The company's shares plunged $41.24, or nearly 19 percent, to $176.26 a day after the social media giant reported disappointing results.

More lucrative than sales of goods that Amazon owns, third-party transactions offer the company a commission that increases significantly when merchants choose to hand over fulfilment and advertising to Amazon, as many do.

Most of the 87 million user profiles affected by the data breach scandal were in the USA, but in Europe tighter rules on privacy have also had an impact.

Facebook disclosed in a security filing it will pay the $10 million in cash, which surpasses the $7.3 million the company paid for Zuckerberg's personal security detail in 2017.

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