Facebook shares slump as user growth cools

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Still, the results suggest that Facebook may have weathered the scandal without major harm to its business, even if its public image has taken a hit.

Shares in Facebook fell about 8% in after hours trade in NY.

Growth in new users slowed with Facebook adding 11 per cent more daily and monthly active users on the main Facebook app in the second quarter, compared with 13 per cent in the first quarter.

Zuckerberg's net worth had surpassed Buffett's in June as shares of Facebook continued to climb and Buffett continued to give much of his wealth away in charitable donations. It was the first full financial report since Facebook became embroiled in the Cambridge Analytica scandal in March.

The plummeting stock price wiped out about $US150 billion in the company's market value in less than two hours.

Other areas of concern: Facebook Chief Operating Office Sheryl Sandberg noted that Facebook is unsure whether ads in Stories, Facebook's fastest growing format, will monetize as well as News Feed ads have.

It said it now employed 30,275 people, up 47% from a year ago. We launched our tool to make political advertising much more transparent, including letting you see who any political or issue ad is targeting, how much they're spending and more. The company's head count has already risen 47 percent since past year, to 30,275.

"We expect revenue growth rates to continue to decelerate in the second half", Facebook CFO Dave Wehner said during the quarterly conference call with investors.

Daily active users in both Europe and North America were down just slightly.

Russia tests new nuclear weapons after summit with Trump
A pretty bold statement given the fact that every intelligence agency in the USA confirmed that it was, in fact, Russia . He added that Russian Federation is "nevertheless open to developing contacts with the USA on the basis of equality".

Zuckerberg has had to appear in front of lawmakers, has apologized profusely and has tied himself into knots explaining what he will and will not allow to appear on the social network. This week, Colin Stretch, who led Facebook's investigation into Russian election interference and who testified before Congress last year on Facebook's behalf, said he would leave the company by the end of the year.

What is your opinion over Facebook's Q2 2018 earnings?

Facebook shares were torched in after-hours trading on Wednesday, tumbling more than 20 percent after the social network revealed fewer daily and monthly users than expected in the second quarter - and forecast 2018 growth much lower than Wall Street forecast.

Via a post to his own Facebook page, Zuckerberg added some extra context about the quarter, noting: "We continue to invest heavily in safety and security".

Facebook has other bright spots. He lost $16.8 billion in extended trading. That figure includes some $2.7 billion in cash and real estate, according to Bloomberg's Billionaire index.

Facebook's earnings beat in April showed that advertisers - and users, to an extent - weren't yet abandoning the company en masse in the wake of flaps like the Cambridge Analytica and InfoWars scandals.

Still, the challenge will be how to stem further losses.

According to the research firm eMarketer, Facebook is expected to hold an 18 percent share of the $273.29 billion worldwide digital ad market, behind Google's 31 percent.

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