Facebook just lost more than $100 billion off its value

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Think you had a bad day? Talk to Mark Zuckerberg. 

Facebook reported its second quarter earnings Wednesday and the results, which were worse than expected, sent the company’s stock into free fall, wiping out more than $100 billion off Facebook’s market value.

The social media company reported revenue of $13.23 billion and 1.47 billion daily active users. Both numbers were just shy of analyst expectations, which had put revenue at $13.36 billion and daily active users at 1.49 billion.

The miss wasn’t entirely unexpected, despite analysts’ predictions. Zuckerberg and other executives have been warning for months that Facebook’s efforts to retool News Feed to promote “time well spent” and new GDPR regulations would ultimately result in less growth and fewer ad dollars. Read more…

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