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Despite the rocky quarter, Facebook shares had hit an all-time high before Wednesday's earnings report and its quarterly revenue was still up 42 percent from this time past year.

The Trillium Assets proposal charged that the lack of an independent board chair and oversight contributed to Facebook "missing, or mishandling, a number of severe controversies", including the social media site being used for the Russian meddling in US elections, the sharing personal data of 87 million users with Cambridge Analytica, proliferation of fake news and others, the Business Insider said. Facebook's share price dropped by 7% after the earnings release and then proceeded to deep-dive during and after its earnings call. But the revenue of $13.2 billion missed Wall Street estimates of $13.4 billion. Global DAU rates increased by 11% compared to the year-ago quarter, but they were still below what Wall Street was calling for.

Speaking of market-leading tech stocks, Facebook's mega-cap counterparts Apple, Amazon, Netflix, and Alphabet all lost more than 1.5% at their overnight lows, and the Nasdaq 100 index dropped 1.4% in regular trading hours.

"Looking beyond 2018, we anticipate that total expense growth will exceed revenue growth in 2019", he said.

"Facebook is actively choosing to make less money, deprioritizing near-term monetization to drive engagement to even higher levels to capture even more of their 2.5 billion monthly users' time and attention", he wrote.

Before the earnings report, the bank had forecast Facebook shares would soon be worth $228 each.

Mark Zuckerberg
Mark Zuckerberg

That could be down to the drop being a one-off, potentially following the Cambridge Analytica data sharing scandal, or even the sharing of private posts belonging to some 14 million Facebook users, rather than a downward spiral for Facebook.

Meanwhile, Facebook is also still coming to terms with the European Union's new privacy laws and the impact the rules will have on the business.

Zuckerberg has been struggling to right the ship for months following a string of privacy-related scandals; pledging to crackdown on "fake news", racism, and foreign meddling in the USA election system.

More likely, though, market buzzards are holding off because of how quickly some analysts are turning on the company. Eastern time. Snap's shares were down by more than 2 percent. The company is also rapidly expanding its real estate around the world to accommodate a hiring spree, which includes thousands of new workers to help combat foreign election manipulation on the site. The results spelled out disaster for its market value, despite the company heading into Wednesday with a share price of $217.50.

The second quarter of 2018 has not been the best ever for Facebook.

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