Mark Zuckerberg’s fortune tumbles $16.8 billion in a day

Facebook in palm

Shares, which had already declined 7 percent after hours, then fell as much as 24 percent after the comments on a conference call with analysts.

After the earnings report, executives worked to explain the potential of Facebook's other properties, not just the main social network, to fuel growth. Global DAU rates increased by 11% compared to the year-ago quarter, but they were still below what Wall Street was calling for.

Shares plunged 19% on Thursday after executives warned that revenue growth would slow as the company focuses on user privacy. Wehner warned that Facebook expected its revenue growth to slow from the 42% pace it posted in the second quarter and its operating margins to fall from 44% in the period. "It's the F in FAANG, but what's to say that, 10 years from now, Facebook isn't the next Myspace and something else has taken its place?"

He cited currency fluctuations and a shift in usage to features where Facebook shows less advertising or charges less due to lower demand.

Now new European data rules could make life tougher for Facebook.

Read the full story at Fox News.

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According to techcrunch.com, it seems as if Facebook announced the stat in hopes of deflecting attention from the fact that its user count shrank in Europe and was flat in the United States and Canada, contributing to extraordinarily low monthly and daily user growth. Commercialisation of those apps is nascent. This year alone Apple is up some 15 per cent; Alphabet has gained more than 20 per cent; Amazon has surged more than 50 per cent; and Netflix is up almost 90 per cent.

Social media giant, Facebook is losing users, new figures released by the company revealed.

"As we have written about extensively, the advertising industry - and digital advertising no less - has limits to growth, which we think is the primary factor constraining Facebook's revenue opportunity", Wieser said in a note after the earnings. Ciaccia noted. "Facebook's market cap has fallen roughly $120 billion - or the amount General Motors, Ford and Target are worth ... combined".

In lieu of Facebook's current multi-front crisis, one activist investor filed a proposal demanding that Zuckerberg be replaced as the firm's chairman for "mishandling" the numerous crises beleaguering the company, according to a report by Fortune.

Misinformation on WhatsApp contributing to mob killings in India have added to the pressure on Facebook to re-evaluate how its services maintain security and decorum.

Facebook has shown that it can not sail forever forward while facing various storms, including Cambridge Analytica and the Russian government's use of the social media platform to sow divisions amongst Americans during the 2016 presidential campaign.

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