Facebook faces day of reckoning as company loses $119B of value

Facebook loses one million EU users to GDPR

But Amazon shares - which had been feeling the jitters from Facebook shareholders' disappointment - jumped more than 3 per cent to a record high of US$1874 in after-hours trading. Shares fell to as low as $176.79 on Thursday morning.

At the conference call chief financial officer David Wehner said operating profit margin will sink to the "mid-30s" for more than 2 years. He lost $16.8 billion in extended trading.

Previously ranked the third richest man in the world, Zuckerberg now finds himself at number six with a personal fortune of $67.1 billion.

After-hours declines don't always hold the next day.

But amid every controversy, Facebook - the public company and business - seemed unscathed.

Siva Vaidhyanathan, a media studies professor at the University of Virginia and author of the new book, "Antisocial Media: How Facebook Disconnects Us and Undermines Democracy", dismissed the significance of the stock plunge.

Last quarter, Facebook also was undermined by the reaction to its involvement with Cambridge Analytica, the third-party developer accused of mishandling data on up to 87 million Facebook users and using it to help target ads for political campaigns in the USA and the U.K. The social network had to rewrite its playbook for working with developers and audit hundreds of developers to a account for any data it shared in the past. Even so, if Facebook is legitimately investing the time and money in improving privacy at the cost of slowed growth, it should all be to consumer benefit in the end.

Trump's Tweets Aren't Expected to Hold Down the Dollar
Silver was down 0.4 percent at $15.41 an ounce after last week's drop to its lowest since July a year ago . In the eurozone, Frankfurt's DAX 30 jumped 1.4 percent and the Paris CAC 40 won 0.9 percent.

Trump says 'I gave up nothing' during Putin meeting
To some degree, it is good to know what the president believes about the intelligence on Russian Federation . Trump had just days earlier confirmed his acceptance US intelligence conclusions about Russian interference.

Toronto suspect's family says he was ill
He's said to have had a gunshot wound, authorities said, but the cause and circumstances behind his death haven't been released. Saunders earlier said that a young woman had died in Sunday's shootings and that a girl aged 8 or 9 was in critical condition.

Facebook shares were down as much as 19.6 percent at $174.78 in early trading, a decline that would wipe about $124 billion off the company's value - or almost four times the entire market capitalization of Twitter Inc. The quarter was also marked by Europe's implementation of strict new data laws, which Facebook said led to fewer daily visitors in that region.

The key metric of monthly active users rose 11 percent to 2.23 billion, below most estimates of 2.25 billion, while daily active users grew a weaker-than-expected 11 percent to 1.47 billion.

But the number of people who use the network every day, representing Facebook's most devoted users, remained flat in the USA at 185 million. The political research business collected private data of tens of millions of Facebook users.

There's a scratch in Facebook's Teflon coating.

Much of the latest drop in value has come from Facebook insiders selling more than $4bn worth of stock since details of the Cambridge Analytica data-mining scandal surfaced.

Facebook CEO Mark Zuckerberg's net worth plummeted more than $15 billion with the stock dive, although it's still around $67 billion, according to Forbes' real-time net worth tracker. Facebook suffered a blow in China on Wednesday when regulators there withdrew their approval of a company innovation hub to support local startups, the New York Times reported on Wednesday, citing a person familiar with the matter.

"Deceleration such as management guided toward suggests that while the company is still growing at a fast clip, the days of 30 per cent-plus growth are numbered".

Related news:

Hot News

isis-killer-beheading-video-story-top Jeremy Hunt: Real risk of accidental no-deal Brexit
Jul 27, 2018 - 13:18
But he said the plan was a "road map" to the "sunlit uplands" of a final deal which respects the referendum result. Part of the Government's planning involves securing supplies of food and medicines.

isis-killer-beheading-video-story-top US Plane Heads to N. Korea for war Remains
Jul 27, 2018 - 12:58
Many officials in Washington appeared concerned that an early declaration of peace could lead to the collapse of the U.S. The majority of Americans killed in Korea, however, are still buried in cemeteries or the sites of major battles.

isis-killer-beheading-video-story-top Inside Trump-Cohen tapes
Jul 27, 2018 - 11:13
We hear Trump say "pay with cash", we hear Cohen saying "no no no", someone says "check", and the thing suddenly ends. Trump is doubling down in his efforts to tell supporters to trust him over the words of critics and news reports".

isis-killer-beheading-video-story-top Joe Hart: Manchester City keeper looking for permanent move after two loans
Jul 26, 2018 - 10:00
In his first match in charge of the club, Favre heaped praise on 19-year-old Christian Pulisic and 18-year-old Jadon Sancho. He impressed in Chicago as Dortmund beat City 1-0 in a pre-season game thanks to a penalty from Mario Gotze.

isis-killer-beheading-video-story-top Japan posts record temperature of 41.1° celsius as deadly heatwave rolls on
Jul 26, 2018 - 08:27
A temperature indicator measures 41.0 degrees Celsius in Kumagaya, north of Tokyo, Japan , in this photo taken by Kyodo July 23. Tokyo Governor Yuriko Koike acknowledged Monday that the recent heatwave was "exactly like living in a sauna".

isis-killer-beheading-video-story-top Pakistan bomb attack in Quetta kills 18 as country holds general election
Jul 26, 2018 - 07:58
The PPP , which has been overtaken by Khan's PTI as the main challenger to PML-N, has also alleged intimidation by spy agencies. The 2013 election was also marred by violence, with 150 people killed in the six weeks leading up to polling day.

isis-killer-beheading-video-story-top House GOP members introduce articles of impeachment against Rod Rosenstein
Jul 26, 2018 - 07:49
The move comes after a tense, monthslong tug of war over the Justice Department's production of documents and information. The House is scheduled to leave on Thursday on a recess that extends until the first week of September.

isis-killer-beheading-video-story-top Trump calls Chinese trade practices ‘vicious’
Jul 26, 2018 - 07:28
The administration has slapped tariffs on $34 billion in Chinese goods and China retaliated with duties on soybeans and pork. But the fact remains Trump still has a 25 percent tariff on European steel and a 10 percent tariff on European aluminum.

isis-killer-beheading-video-story-top Uber, Lyft suspend driver who recorded St. Louis passengers
Jul 26, 2018 - 06:55
He has also inadvertently revealed the full names of his riders and their homes and neighbourhood on the streaming platform. There were about 700 rides given by Gargac since March through Uber and Lyft and nearly all of them were recorded, the St.

isis-killer-beheading-video-story-top Macron aide to be dismissed over assault
Jul 25, 2018 - 05:41
Interior Minister Gerard Collomb is to be questioned by members of the national assembly on Monday and by the Senate on Tuesday. Macron's office has said Benalla only was supposed to be accompanying officers to the May protest as an observer.

isis-killer-beheading-video-story-top Trump hails start of dismantling North Korean missile site
Jul 25, 2018 - 05:03
It added that goods, services, and technologies manufactured in North Korea may be listed as being made in other countries. The facilities included a rocket engine test stand, which is used to develop liquid-fuel engines for ballistic missiles.

isis-killer-beheading-video-story-top Egypt's Mohamed Salah nominated for Federation Internationale de Football Association best player award
Jul 25, 2018 - 04:15
Federation Internationale de Football Association have confirmed that the Belgian features among the nominees for the award. Voting for the award closes at midnight on 10 August, while the awards ceremony takes place in London on 24 September.

isis-killer-beheading-video-story-top All 10 birthday cake locations to complete Fortnite challenge
Jul 25, 2018 - 03:34
This means if you're at 25 health you'll be able to heal fully with the Slurp Juice but won't receive any bonuses to your shield. This makes it so you can automatically sprint when moving, with the former sprint button turning into a walk button.

isis-killer-beheading-video-story-top The longest lunar eclipse of the century is coming Friday
Jul 24, 2018 - 13:39
Star-gazers are set for a night-time spectacle as a blood moon lunar eclipse will be making an appearance at the end of the week. This glorious sight occurs because of the way sunlight bends (refracts) through the Earth's atmosphere.

isis-killer-beheading-video-story-top Meghan Markle's brother lets his feelings be known
Jul 24, 2018 - 12:46
However, the interview quickly turned to Sam "cashing in" on Meghan's new life. She says a lot of insane stuff in the press".