Well, it couldn’t last forever.
And Zuckerberg had it coming. If you believe in karma.
Facebook’s investors have been brushing off the company’s political and privacy scandals since the 2016 US election. That was until Facebook chief financial officer David Wehner said on a second-quarter earnings call today (July 25) that those scandals would take an extensive toll on the company’s finances.
Facebook expects revenue deceleration “in the high single digits for the next couple of quarters,” Wehner said, responding to an analyst who asked about the company’s “fairly dramatic deceleration in revenue growth.” And Wall Street shuddered.
Facebook’s stock plunged by as much as 23% in after-hours trading, slashing more than $150 billion off the company’s market capitalization.