According to Business Insider ‘Facebook’s earnings disaster erased $120 billion in market value – the biggest wipe-out in US stock-market history.
It was reported on Wednesday that the Tech giant lost about $120 billion in market value at the close of business on Wednesday.
Market Watch states that the stock closed down 19% Thursday to $176.26, which means that investors erased the entirety of the company’s 2018 gains. Its market capitalization as of Wednesday: $630 billion. By the end of trading Thursday, it was worth $510 billion after close and 170 million shares had changed hands. Facebook’s Thursday was the ugliest single-session decline since the company went public in 2012.
The social-media behemoth’s stock lost roughly one-fifth of its value in the extended session Wednesday. The stock dropped about 7% immediately after the earnings report was released, then plummeted to a loss of more than 20% as a conference call with analysts progressed. Close to 34 million shares changed hands in Wednesday’s extended session, well above the average volume of 17 million shares for a regular trading session over the past month.
‘Facebook’s loss yesterday was the biggest single-day drop since it started trading publicly in May 2012’ Forbes is reporting.
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