Mark Faceberg is realizing what the actual costs of being Wingnuttia’s Daily News:
Facebook’s stock plunged 20% Thursday morning after the company said it expects revenue growth to slow as it “puts privacy first” and rethinks its product experiences.
Facebook lost more than $125 billion in value after the markets closed, with shares plummeting more than 20%, following an earnings report that missed revenue and user growth estimates.
There are of course some irrational aspects of this story: profit at Faceberg was up 42% – but it didn’t meet Wall Street’s projection. Also/too: Faceberg had 2.5B users just last month, but you know, new sign-ups are slowing.
I’m not in the habit of defending Faceberg, but this is just stupidity or malpractice from Wall Street… wait. What’s that you say, Faceberg?
“We’re investing so much in security that it will significantly impact our profitability.”
Nice spin, but hardly true. All of our Facebook Rage Uncles will still post memes from Russia well into 2018. Rest assured, Mark, your ad-based profit model will continue unabated.