Guwahati: Facebook has reported lower than the expected quarterly results that have resulted in an initial 24% stock drop that has been leveling out to a 19% dip. It was enough to cause Facebook’s market capitalization to plummet $119.4 billion as the company’s disappointing results. Discouraging quarterly forecast too is causing a massive stock market sell-off.
The chart from Statistics shows that $120 billion drop is the biggest single-day market cap loss suffered by a US public company which beats out Intel’s $90 billion drops in 2000.
However, after the record-breaking loss, Facebook’s price of $174.89 is above its share prices at the end of March that follows news that data company Cambridge Analytics harvested millions of users profiles illegitimately.