Social media platforms are some of the most popular web pages across the entire World Wide Web. People around the world continue to get faster Internet access, to get better smartphones in their possessions, and ultimately spend more time on social media. Despite the popularity of social media in today’s age, two tech giants’ share prices plummeted in dramatic form over the past two days.
On Wednesday, July 25, 2018, Facebook released a quarterly earnings report right on schedule. Investors soon found that Facebook came short of its revenue projections and even failed to bring in as many users as it had across each earnings report of the past few years.
Investors responded to the missed targets by dumping Facebook stock en masse. Right after the earnings report was published, Facebook’s share price of roughly $220 on Wednesday, July 25, 2018, dropped about 7 percent. Not too long after its release, analysts conducted a conference call with officials from Facebook to discuss its earnings report and other financial information the public might be interested in. During the middle of that conference call, Facebook, Inc., dropped from about $200 to roughly $!65. Facebook’s market capitalization ultimately ended up falling from $630 billion at the start of trading hours on Wednesday all the way down to just $510 billion at the end of Thursday’s trading hours.
Further, twice as many shares of Facebook were traded on Wednesday as compared to an average day’s trading volume of Facebook – 34 million compared to 17 million.
Here comes bad news for Twitter, as well, oddly enough
Twitter mimicked Facebook’s share price drop the day after Mark Zuckerberg’s company’s earnings figures weren’t as great as they should have been.
The former social media outlet was forced to share on Friday that its monthly user count had dropped by one full million people in only a three-month period. Twitter has recently been facing issues regarding attracting new users and maintaining its old accounts – the company hasn’t been doing much of either one.
Twitter is said to have had thousands of robot accounts controlled fo Russian botnets to spread the word of everything far-fetched and offensive just to stir the proverbial pot that is America.
In 2018, Twitter’s stock has risen in price overall a total of some 79 percent; in the past day’s worth of trading, Twitter went down by 20 percent. https://boingboing.net/2018/07/27/twitter-stock-drops-20-5-a-da.html