Facebook loses one million European users to GDPR

Facebook shares sink 8% as Q2 revenue and user growth misses analyst estimates

Brian Wieser of Pivotal Research, who rates Facebook shares a Sell, said the second quarter proves that the brakes are being pumped.

Other prominent social media slid Thursday afternoon.

"Mark Zuckerberg isn't panicking", he said. All told, the US$119 billion of its value that was wiped out is worth almost as much as McDonald's.

He subsequently backtracked from this comment after it triggered widespread public outcry. It's a slight exaggeration, but the question has been asked: "How can Facebook continue to grow when everyone is already using it?".

"Earlier this week, the company was slammed by the parents of a Sandy Hook massacre victim for the hoax claims that emerged on the platform", Fox News reported. And the increased spending aims, among other things, to prevent a replay of the fake news and propaganda that Russian agents unleashed on an unguarded Facebook in an attempt to sway the 2016 presidential election.

Most of the 87 million user profiles affected by the data breach scandal were in the USA, but in Europe tighter rules on privacy have also had an impact. In March, the company's handling of user data in the Cambridge Analytica scandal contributed to a backlash against the size and reach of the biggest tech businesses and raised concerns that regulators may soon crack down on these firms.

"We have a responsibility to protect your data, and if we can't, then we don't deserve to serve you", Zuckerberg proclaimed, according to Fox News.

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After the General Data Protection Regulation went into effect in Europe, Facebook started asking people to check their privacy settings and make sure they wanted to share certain kinds of data.

The Facebook CEO was worth a mere $66.8 billion on Thursday afternoon according to Forbes, one day after the company's earnings call sent Wall Street into a selling tizzy. $130 billion had been wiped off of Facebook's market cap as a result of the stock's plunge.

Facebook missed quarterly revenue expectations for the first time in years as shares of the social media giant dropped 8 percent in after-hours trading Wednesday. More so, Facebook CFO said that revenue growth would "decline by single-digit percentages" for the rest of 2018.

Analysts said that a confluence of factors explained Wall Street's recoil: the lower-than-expected revenue guidance; slimmer margins; and the reverberations of the Cambridge Analytica scandal, in which the data consultancy affiliated with the Trump campaign inappropriately siphoned the private data of tens of millions of Facebook users.

In contrast to Facebook, Amazon on Thursday in the U.S. reported a record profit and forecast plowing past analyst estimates. If that loss holds through Thursday's close, he will slip to sixth place from third in the Bloomberg Billionaires Index.

It was also noted that under the circumstances, the numbers for Facebook could be much worse.

Despite buoyant growth in recent months, reaching an all-time high on Wednesday, the company warned that the second half would see a slower pace of revenue growth, and that profit margins in the years to come are set to slip.

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