It marks the largest ever loss of value in one day for a United States traded company.
Facebook shares have been in the tank since the company released its earnings Wednesday afternoon. "Our total revenue growth rates will continue to decelerate in the second half of 2018, and we expect our revenue growth rates to decline by high-single digit percentages from prior quarters sequentially in both Q3 and Q4", Wehner said. The company's user base flatlined in its biggest market, the US and Canada, at 185 million daily users, while declining 1 percent in Europe to 279 million daily users.
The social media giant has been dogged by a series of privacy and content scandals - the latest this month when an investigation by UK-based Channel 4's "Dispatches" programme found disturbing posts, including violent videos involving assaults on children, remained on Facebook after being reported by users and reviewed by moderators.
Facebook said it had 1.47 billion daily active users in June, compared with the 1.48 billion average of analysts' estimates compiled by Bloomberg.
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Facebook sharply reduced its growth outlook, but some analysts say the company is being overly conservative.
For the second quarter, profit was up 31 percent at $5.1 billion; revenues rose 42 percent to $13.2 billion, only slightly below most forecasts. Facebook revenue is still growing at a rate double that of Twitter Inc.cade ago, nearly no one could have imagined that Facebook would have more than 2 billion users, much less that its family of apps - Instagram, WhatsApp and Messenger - would also count members in the billions.
Over the long term, GDPR may end up favoring Facebook and other large companies that have the resources to adapt to new requirements. They believe users have woken up to Facebook's growing list of controversies and chose to vote with their "Log Out" buttons. If the sell-off hits those levels in Thursday trading, it will mark one the largest collapses in value ever suffered by a USA -traded company in a day.
It's the first time Facebook missed an earnings report since 2015.
What's more, Sherly Sandberg, Facebook's chief operating officer, warned that there could there could be further GDPR-related consequences in the months to come, according to CNBC.