“..Company’s first public set of financial results loses Zuckerberg friends on Wall Street.
Facebook shares slumped to a new record low last night, after admitting it could not forecast when it will start to make the big profits investors have been hoping for.
The social network’s first set of financial results as a public company turned out to be lacklustre at best -
- and a bullish performance from founder Mark Zuckerberg on his maiden conference call with Wall Street analysts did nothing to stem the slide in Facebook shares.
In fact, a sell-off that began well before the results came out accelerated in after-hours trading -
- and by the end of the day Facebook had lost 18 per cent of its stock-market value.
What was already one of the most disappointing flotations ever seen in the technology industry has now turned into a complete rout -
- and the shares dipped last night below $24 for the first time -
- compared with the $38 which new investors paid barely two months ago.
At last night’s share price -
- the value of Facebook has slumped from $104bn to less than $66bn…”
(cont..)
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