Facebook's daily and monthly user counts were up 11 percent year-over-year, confirming that the momentum of its business is still overpowering its PR problems that took place prior to the company publishing these reports. It would also wipe his $13.7 billion of gains for the year, leaving him with just less than $70 billion.
Facebook registered daily active users (DAUs) of 1.47 billion for the month of June this year which was an increase of 11 per cent year-over-year- marking slow growth rate in the second quarter of the year. Analysts were generally expecting earnings-per-share of $1.72 on revenues of $13.3 billion.
Even though Facebook's stock price had fallen nearly 10% in after-hours trading at one point due to a miss on revenue-albeit a narrow one-Chief Executive Mark Zuckerberg opened the call just after 5 p.m.
Facebook's fortunes shifted in under two hours as the company first reported revenue and user growth that missed expectations and then issued warnings about future growth and expenses.
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The company remains in a dominant position in mobile advertising alongside Alphabet Inc's Google. Stifel analyst Scott Devitt raised his price to $242 from $202, also on the premise of Facebook's strong digital advertising business.
The 34-year-old Facebook billionaire, who had been worth as much as $86.5 billion when Facebook stock traded at an all-time high earlier in the day, now has a net worth of about $68.9 billion, based on regulatory filings with the U.S. Securities and Exchange Commission.
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Gene Munster, a venture capitalist at Loup Ventures, said in an email that Facebook is "entering a new period" where declining user growth will translate to slower revenue growth.
Facebook's 2.23 billion monthly active users and 1.47 billion daily active users were both up 11 percent from a year ago but also just shy of analyst predictions of 2.25 billion and 1.48 billion, respectively.
Facebook's daily- and monthly- active user figures were all below analysts' predictions.
Facebook has had a bruising few months, from ongoing fallout from the spread of Russian propaganda to the aftermath of the Cambridge Analytica scandal, and fierce controversy over whether fake news and disinformation should be allowed on the site.
The social network fessed up to the exodus during its second-quarter earnings on Wednesday, admitting that the implementation of GDPR saw it lost a good swathe of European users.
Instagram has grown to 1 billion monthly users from 600 million in late 2016, while Facebook's two messaging apps, Messenger and WhatsApp have each reported well over 1 billion monthly users.
Shares in Facebook, which have risen about 23 percent this year, fell 8.6 percent to $198.71 in trading after the bell as investors reacted to the results. The company said headcount was 30,275 as of June 30 - an increase of 47 percent year over year. Together, the entire Facebook suite of products has 2.5 billion unique monthly users, the company disclosed for the first time.