https://www.theguardian.com/technology/2018/jul/29/facebook-results-running-out-new-users-goodwill

What’s bad for Facebook’s market cap might be good for society. That, at least, is what the company would like investors to take away from its disastrous second-quarter results, which triggered a fall in its stock-market valuation of almost $120bn (£92bn), the largest single loss of value in Wall Street history.

At its core, the collapse is due to three negative trends: a stagnant user base, shrinking revenues and growing costs. The first, Facebook argues, has been visible for years; the second is a blip as advertisers get used to new formats; and the third is a reflection of the significant sums the company is spending to fix the problems that have plagued it in the press over the past year.