Facebook hammered as user growth cools

28 July, 2018, 19:51 | Author: Dave Hampton
  • Facebook hammered as user growth cools

The Trillium Assets proposal charged that the lack of an independent board chair and oversight contributed to Facebook "missing, or mishandling, a number of severe controversies", including the social media site being used for the Russian meddling in US elections, the sharing personal data of 87 million users with Cambridge Analytica, proliferation of fake news and others, the Business Insider said.

The second quarter of 2018 was the first full accounting period following the exposure of the Cambridge Analytica scandal in March.

The drop in share price sent Mark Zuckerberg's fortune tumbling by US$16.8 billion, which could send him sliding down the Bloomberg Billionaires Index.

Windsor added that Facebook is forced to hire more people to handle tasks such as filtering inappropriate content after discovering the limits of artificial intelligence.

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

The social media giant's quarterly performance in the abstract was strong, with earnings per share hitting $1.74, up from $1.32 in the year-earlier quarter. Facebook's Chief Financial Officer warned that revenue growth would "decline by high single-digit percentages" until 2019. But the revenue of $13.2 billion missed Wall Street estimates of $13.4 billion.

In contrast to Facebook, Amazon on Thursday in the U.S. reported a record profit and forecast plowing past analyst estimates. Indeed, the drop Thursday morning was sharper than the multi-day stock slide in March following revelations of data misappropriation by Cambridge and others. "As such, we would be aggressive buyers of the stock on weakness this morning".

Amazon's shares are worth $2,200, according to JPMorgan Chase, with analysts boosting their 12-month price target on the company to $2,200 per share from $1,900. Shares, which had already declined 7 percent after hours, then fell as much as 24 percent after the comments on a conference call with analysts.

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Facebook used to be made out of corporate Teflon.

After having weathered all of the above, declining financial growth and static user growth has finally resulted in a major investor panic. "As we have written about extensively, the advertising industry - and digital advertising no less - has limits to growth, which we think is the primary factor constraining Facebook's revenue opportunity".

It wasn't since the turn of the century almost two decades ago that anything close to such a huge loss was registered in the U.S. The massive drop in market value represented the biggest single-day decline in history for any publicly held company, according to Thomson Reuters data.

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