Facebook Worth Tens of Billions Less in A Few Minutes

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In the first minutes after the opening of the stock exchanges in New York, Facebook lost tens of billions of dollars in market value. Investors processed a disappointing quarterly report from the social media company.

 

Facebook lost almost 8 percent with the opening bell. That is equivalent to around $ 50 billion in market value. Quarterly figures showed that costs had risen sharply in the past period, for example, for tackling fake news.

Sales in the fourth quarter also grew at the lowest pace in the company’s history.

The stock markets in New York generally started with losses to the trading session. Concerns about the spread of the new coronavirus weigh on sentiment.

After a short half-hour trading, the Dow-Jones index was 0.2 percent lower at 28,679 points. The broad-based S&P 500 fell 0.3 percent to 3262 points, and the tech fair Nasdaq lost 0.2 percent to 9261 points.

Software giant Microsoft got the hands-on each other from investors. The group won 3 percent after the presentation of good results, in particular, thanks to success with cloud services.

Electric car manufacturer Tesla won 10.6 percent after its second quarter in a row with profit and record sales for the company.

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