Facebook (FB) Stock Sinks as Revenue Misses Expectations

Facebook (FB) Stock Sinks as Revenue Misses Expectations

Source: Facebook


The social media site had a rough hump day as the company was below Mark Zuckerberg with its sales and its global daily active users during its second quarter of fiscal 2018, due in part to the slew of data leaks and fake news fiascos that plagued the company during the period.

Facebook said that it brought in adjusted earnings of about $1.74 per share for the period, which was two cents ahead of the Wall Street consensus estimate of $1.72 per share, according to Thomson Reuters. While the company posted an earnings beat, revenue was below analysts’ guidance as the company raked in $13.23 billion in sales, below the $13.23 billion that analysts were calling for.

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The site also brought in 1.47 billion global daily active users (DAUs) during its second quarter, below the 1.49 billion that analysts were projecting, according to a StreetAccount and FactSet outlook. Global DAU rates increased by 11% compared to the year-ago quarter, but they were still below what Wall Street was calling for.

Facebook also had 185 million North American DAUs and 279 million European DAUs, below the FactSet forecasts of 185.4 million and 279.4 million respectively.

FB stock was down about 7.8% after the bell on Wednesday following the news, while shares were up roughly 1.3% during regular trading hours.

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