Facebook (NASDAQ: FB) missed projections on revenue and global daily active users this quarter after struggling with data leaks and fake news scandals.
The company reported its second-quarter earnings after the bell on Wednesday. Facebook is poised to lose more than $123 billion in market value.
Earnings per share came in at $1.74 vs. $1.72 per a Thomson Reuters consensus estimate. Revenue was $13.23 billion vs. $13.36 billion.
Facebook said 2.5 billion people were using any of its family of apps each month, including Instagram and WhatsApp. Though Facebook-specific global DAU rates were up 11% year over year - with growth led through users in India, Indonesia and the Philippines - it was less than Wall Street was projecting. European DAUs were down from 282 million last quarter, potentially related to the effect of the enactment of the General Data Protection Regulation (GDPR) in the European Union.
The set of regulations gives users more control over their online data.
Facebook also surprisingly missed on advertising revenue projections, reached $13.04 billion compared with estimates of $13.16 billion.
Even so, CEO Mark Zuckerberg put a positive spin on all this. "Our community and business continue to grow quickly. We are committed to investing to keep people safe and secure, and to keep building meaningful new ways to help people connect."
On a call with analysts, Facebook advised it expected its revenue growth rates to be lower than the year prior, especially in the second half of this year. Sequentially in the third and fourth quarters, it expected the decline to be as much as high single-digit percentages.
Facebook opened Thursday down $39.92, or 18.3%, to $177.80
