In response to concerns over privacy, fake news, and hate speech, Facebook vowed to hire 20,000 new employees to work on security and moderation issues. The introduction of the General Data Protection Regulation in Europe cost the company 1 million users after it rolled out, Facebook said.
#Facebook share price series
Microsoft lost $77 billion in a day during the dot-com bust, according to Bloomberg.įacebook has faced a series of crises over the past two years, starting with Russian interference on the platform during the 2016 election and continuing with this year’s Cambridge Analytica data privacy scandal. Facebook’s chief financial officer warned that revenue growth would “decline by high single-digit percentages” for the rest of the year.įacebook’s decline significantly outpaced the $91 billion that Intel lost in September of 2000, during the original dot-com bust. More worrisome were the number of daily active users, which grew by just 22 million - the lowest such number since at least 2011. While revenue increased 42 percent in the quarter, it still missed analysts’ projections. The decline, which erased about $120 billion in market value, is the largest one-day drop in the history of the American stock market.įacebook shares fell as much as 23 percent in after-hours trading Wednesday, when Facebook reported its second quarter earnings. After a surprisingly weak growth forecast in this week’s earnings report, Facebook’s stock price dropped 19 percent today.
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