Time to update your status, Facebook
Facebook, Inc. (NASDAQ:FB) is used to hitting it out of the park, but after delivering poor sales and user growth figures it was hit for six as the largest ever loss by market capitalisation of value in one day for a US traded company unfolded.
The company’s shares plummeted from US$217.50 to a low of US$173.75 before closing just above its intraday low.
To put this in perspective, the company’s shares are now trading broadly in line with where they were 12 months ago.
It is worth noting that the NASDAQ index has increased from about 6380 points to 7900 points in the last 12 months, representing an uptick of nearly 25 per cent.
That gives you an idea of the level of underperformance against its peers that is now implied by its share price.
However, there are still those that believe in the stock.
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