Facebook Inc. took a hit in after-hours trading, as lower-than-expected revenue performance from the firm rattled investors.
The company’s shares lost -20% in market cap during New York’s late trading session on Wednesday, even plummeting by as much as $151 billion at one point. The company’s Q2 revenues came in at $13.2 billion, versus an estimated $13.3 billion – marking the first time the company’s revenues fell short of analysts’ projections since 2015. Its user growth also was lower than what analysts reportedly expected.
The social networking giant’s missing estimates could potentially add to its challenges, if the after-hours trading pang lingers on through Thursday or beyond.