Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma, in recent years has trimmed, but not eliminated, the amount of Facebook shares in his clients' accounts, and he said he sees the company as a three-year investment.
The value was down by even more overnight after the company posted quarterly results late Wednesday showing its growth was grinding to a halt in Europe and North America, at a time when increased privacy safeguards would raise its cost of business.
Facebook shares have fallen 19 percent, wiping $119 billion off the social media giant's value. It marks the largest ever loss of value in one day for a U.S. traded company.
Facebook is in deep financial difficulty after its Chief Executive Officer (CEO), Mark Zuckerberg lost more than $16 billion in less than 24 hours.
Facebook shares fell more than 23 percent in after-hours trading on the poor earnings report, slumping at one point to $166 a share.
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"The company has a track record of resetting revenue growth and expense expectations only to turn around and exceed those expectations the following quarter", said Gene Munster of Loup Ventures.
Facebook has faced scrutiny since reports surfaced that British data firm Cambridge Analytica had improperly accessed the personal data of up to 87 million users. But on Thursday, it seems the social media giant is paying for the scandal, in one fell swoop. For instance, it continues to straddle the line between policing what users say and remaining a neutral platform in an increasingly divided world, and between protecting privacy while collecting as much information on its users as possible. Analysts projected $13.3 billion. User growth - both on a monthly and daily basis - was flat in the USA and the rest of North America, while it declined slightly in Europe.
Some reasons included Facebook investing in Stories, which has lower levels of monetization, as well as improving privacy features as a result of GDPR and other user demands.
Advertisers and brands, he goes on, are still seeing strong ROI from advertising across Facebook and Instagram.
"They're talking about currency headwinds, but more we think it's due to slower user growth given GDPR and more focus on privacy", Morningstar analyst Ali Mogharabi said. They could similarly disadvantage smaller, lesser known companies that don't have the resources to comply and which could face big fines if they don't. Facebook reported its slowest growth rate ever, with 2.23 billion people logging in at least once a month in June, below the 2.25 billion analysts expected. Instagram last month reported it had hit 1 billion monthly users for the first time, up from 800 million in September.