Facebook on Wednesday published disappointing quarterly revenue. The next day, Wall Street responded in kind, and the shares of the social media giant fell drastically.
According to the company, Facebook failed to meet its projected growth numbers, the result of which cost the company around $120 billion in shareholder value. Around $15 of that billion belonged to founder, chairman, and CEO of Facebook Mark Zuckerberg.
According to The Hollywood Reporter, “Facebook said after the closing bell on Wednesday that quarterly revenue came in at $13.23 billion, while analysts expected $13.36 billion. Its daily active users sat at 1.47 billion, shy of the 1.49 billion Wall Street had anticipated.”
Missing the mark by such a seemingly small margin still proved a big blow to one of the world’s most popular social media platforms. It’s no secret that Facebook has had a rough 2018. In addition to not adding as many new members as they’d hoped, the once iconic brand has been crippled in the wake of spying claims. The downturn in Facebook (and Zuckerberg’s) fortune has led some to suggest that Facebook is dying.
Of course, analysts on Wall Street don’t see the financial loss as anything more than a temporary hurdle. Wedbush Securities analyst Michael Pachter explained, “Even the best hitters strike out sometimes. We expect Facebook to get back on track by the end of 2019 … the sell-off is overdone and largely unwarranted.”
More in Entertainment
Amazing Before & After Hollywood VFX – Terminator Dark Fate
The Terminator saga continues with Dark Fate and now we take a look at some of the complex CGI behind the...March 14, 2020
Christian Group Attempts to Ban a Show They Haven’t Seen
20,000 people have signed Return to Order’s (a Christian Group) petition asking Netflix to cancel Amazon Prime Video’s new limited series...June 20, 2019
Jussie Smollett Pleads Not Guilty
Smollett pled not guilty to the 16-count indictment against him this morning. He was advised he needs to be at every...March 14, 2019
Liam Payne and Naomi Campbell Fuel Relationship Rumors
The 25-year-old former boy bander has been seen all over town with his rumored new fling, 48-year-old supermodel Naomi Campbell. Advertisement...March 13, 2019
Amazing Before & After Hollywood VFX Tron Legacy
Today we step inside the neon world of Tron and take a look at some of the tedious visual effects applied...February 19, 2019
The ‘Guardians of the Galaxy’ Cast Stands Up for Their Embattled Director
It’s been more than a week since news broke that Disney had axed James Gunn for a series of tweets he...July 30, 2018