In Just Two Hours & Slipped To The World's 6th Richest
Facebook's stocks have taken a massive beating after the company announced its second quarter financial results. The stock plunged more than 20 percent in a day, reducing the company's market value by an astounding US$ 150 billion.
After counting CEO Mark Zuckerberg's stake in the company, his fortune has tumbled by US$ 16.8 billion. According to Bloomberg Billionaire Index, he has slid from the third to now the sixth position as the world's richest person, leaving his net worth at US$ 70 billion.
book just cannot grow anymore. The company announced it has 1.47 billion active users as of June while analysts were expecting the figure to be 1.48 billion. In U.S.A and Canada, the company has 185 million users and 279 million in Europe.
While these figures are positive, this is the first time Facebook that has missed analysts expectations since 2015. The growth has reached a stagnation point, that there are hardly any more users left who haven't joined the platform.
Facebook has expanded its reach via the acquisition of Instagram and WhatsApp, but the two are yet to actually make enough money that can further help the company fly higher.
Revenue has also increased by 4 percent to US$ 13.2 billion in the quarter. The number of monthly users worldwide grew 11 percent to 2.23 billion. Currently, the company is going through harsh scrutiny regarding data-privacy and the recent application of GDPR (General Data Protection Regulation) in the E.U, has prompted Facebook to change its privacy terms and sign-up process, leading a minority of users to opt for non-personalized ads.
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