Ooops, Facebook's Market Cap Plunges By $140 Billion

He (CFO) blamed the dollar, adding “new experiences,” and having to back off its horrendous privacy practices:

“In terms of what’s driving the deceleration, it’s a combination of factors. First of all, there’s currency that’s going from a tailwind to a modest headwind. Secondly, we’re going to be focusing on growing new experiences like Stories . . . and that’s going to have a negative impact on revenue growth. And we’re giving people who use the service more choice in terms of privacy.”

This was when shares came unglued and plunged 23%. And Facebook’s market capitalization, at $621 billion before the market closed, plunged by $143 billion.

 

https://wolfstreet.com/2018/07/25/oops-facebook-market-cap-plunges-by-143-billion/

 

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