Facebook sees stagnating sales and user growth

Facebook sees stagnating sales and user growth

6 years ago
Anonymous $yysEBM5EYi

https://www.cnet.com/news/facebooks-growth-stagnates/

Facebook's business first showed signs of cracking in July, when the company reported second-quarter sales that missed Wall Street estimates, gave a weak revenue forecast for future quarters and said the number of users in Europe had declined. The news sent Facebook's stock free-falling nearly 25 percent in after-hours trading. The next day, falling share prices wiped out more than $100 billion of Facebook's market value. By the close of trading, Bloomberg declared that Facebook had suffered the largest stock market loss in value during a single day ever for any US company.

On Tuesday, Facebook reported that it raked in $13.72 billion in revenue during the third quarter, shy of Wall Street's average estimate of $13.78 billion. As of Sept. 30, Facebook had 2.27 billion monthly active users, missing analyst estimates of 2.29 billion users, according to Reuters.  Profit was $1.76 a share. Analysts had anticipated $1.47 a share.