Wow. In just one day Facebook lost about $120 billion in market capitalization. The social-media behemoth’s stock lost roughly one-fifth of its value in the extended session Wednesday. The stock dropped about 7% immediately after the earnings report was released, then plummeted to a loss of more than 20% as a conference call with analysts progressed.
The European Union’s General Data Protection Regulation (GDPR) that went into effect recently (you might have received a privacy update email or two or three addressing this) didn’t help matters either leading to a decline in European users rather than a gain.
Full story over at Marketwatch.