Menlo Park-based social network giant Facebook’s stock price plummeted following the release of its Q2 2018 earnings Wednesday, and the company’s stock has yet to recover after a full day of trading.
In spite of the fact that the company posted $13.23 billion USD in revenue during Q2 2018 — as well as 1.47 billion daily active users and 2.23 billion monthly active users — the company’s stock price fell from $217.50 USD when markets closed on July 25th, 2018 to $174.95 USD when markets opened on July 26th, 2018.
The company’s stock price fluctuated throughout the day on July 26th, but it nonetheless closed at $176.26 USD when markets closed at 4pm ET.
According to a July 26th, 2018 Reuters report, Facebook CEO and co-founder Mark Zuckerberg lost approximately $16 billion USD over the course of Thursday, while his company headed towards one of the largest — if not the largest — single-day wipeout in U.S. stock history.
The same Reuters report estimated that the company may have lost in excess of $124 billion USD as a result of the stock plunge.
Source: Reuters
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