Intel Q2 revenue $16.96 bln vs $14.76 bln year ago

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Facebook’s nearly 20% one-day plunge marks the worst day ever for a publicly traded company

Facebook Inc.’s shares tumbled Thursday, with the Menlo Park, Calif.-based social media behemoth recording the worst one-day skid in its history and the steepest one-session loss of value in a U.S. public company ever, according to WSJ Market Data Group. Facebook’s stock fell nearly 19%–its ugliest single-session decline since it became a publicly traded entity May 18, 2012. Facebook shed about $120 billion in market capitalization in a single session, with the company’s total value standing at about $510 billion, according to FactSet data. That would represent the biggest loss of value in a company since Intel Corp. lost about $90 billion in one day about 18 years ago, with Microsoft Corp.’s single-session $80 billion loss, also in 2000, ranking third. The plunge in Facebook’s shares comes after it delivered an earnings report it reported earnings that were weaker than analysts expected, showing slowing user growth, capped by a weaker-than-expected outlook for revenues as it revamps its business model in the face of its Cambridge Analytica scandal. The company’s stock-price drop, by dint of its market value, weighed on Wall Street equity benchmarks. The S&P 500 index lost 0.3%, with the technology sector producing the stiffest headwind. The tech and internet-stock heavy Nasdaq Composite Index , meanwhile, fell by 1%, after notching its 25th all-time high of 2018 on Wednesday. Meanwhile, the Dow Jones Industrial Average closed up 113 points, or 0.4%, at 25,527.

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