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News / Business / Business Briefs

Facebook shares fall 9 percent on revenue miss

By The Washington Post
Published: July 25, 2018, 3:50pm

WASHINGTON — Facebook shares fell as much as 9 percent in after-hours trading Wednesday on lower-than-expected revenue numbers from its second-quarter earnings report.

Revenue totaled $13.23 billion, shy of the $13.33 billion analysts expected, raising worries that the political and social backlash against the company is affecting its bottom line. The company beat the profit forecast, with $1.74 per-share earnings.

Strong ad sales from Google, Facebook’s main competitor for online advertising, had sent expectations for the social network’s earnings up, along with its stock price.

The number of monthly users — a key indicator of Facebook’s popularity — rose slightly, to 2.23 billion from 2.2 billion last quarter.

But the number of people who use the network every day, representing Facebook’s most devoted users, remained flat in the U.S. at 185 million. That same number fell in Europe, where the company has had to comply with a strict new privacy law, known as GDPR.

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