Facebook Loses Tens of Billions in Market Value

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In the first minutes after the opening of the stock exchanges in New York, Facebook lost tens of billions of dollars in market value.

 

Investors processed a disappointing quarterly report from the social media company.

Facebook lost almost 8 percent with the opening bell. That is equivalent to around $ 50 billion in market value.

Quarterly figures showed that costs had risen sharply in the past period, for example, for tackling fake news. Sales in the fourth quarter also grew at the slowest pace in the company’s history.

Shortly after the opening bell, the Dow-Jones index recorded 0.2 percent lower at 28,664 points. The broad-based S&P 500 fell 0.4 percent to 3261 points, and the tech fair Nasdaq lost 0.1 percent to 9264 points.

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