Facebook Takes Hit After Quarterly Report
(Menlo Park, CA) — Facebook’s value is down over 125-billion-dollars after its quarterly report showed slower growth and disappointing revenue. Shares of the social network plunged over 20-percent in after hours trading. The company cautioned investors to expect a major jump in costs as it works to improve users’ privacy and data security. Growth in new users also slowed to eleven percent in the second quarter while total expenses rose 50 percent compared with the same period last year. Facebook’s woes also caused shares of Twitter and Snap to drop.
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Alexander Martin/Bill Meers/at SFX) NY)
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07-26-2018 00:13:11
