Jul 26, 2018

Facebook share drop wipes off $76bn

Facebook shares opened sharply lower on Wednesday, after the social media network warned investors of slowing revenue gains and increased spending. The firm's shares opened 20% down, a drop that wiped more than $100bn off Facebook's market value. The concerns, despite Facebook's year-on-year revenue growth of more than 40% in the most recent quarter, appeared to infect some other technology stocks. Twitter, which has faced similar criticism to Facebook and is due to report quarterly results to investors on Friday, was down about 3%, as was Snap, the social messaging service. He said Facebook remained a rich opportunity for advertisers, and the investments it is making should drive long term growth.

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