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For the first time in several quarters, Wall Street didn't like what Facebook had to say in its earnings report
Facebook posted its first $3 billion quarter and beat earnings estimates for the September quarter, but concerns about the company's plans to ramp up spending pushed the stock down by as much as 10% in after hours trading
The stock was down by about 6% in early trading Wednesday, effectively shaving off more than $10 billion from the company's market cap overnight.
David Wehner, Facebook's chief financial officer, said on the earnings call Tuesday night that sales would grow by 40% to 47% in the fourth quarter compared to a year earlier, down from the 59% it grew in the third quarter. The reason, he said, was a "difficult comparison" with the fourth quarter in 2013 when the company rolled out more News Feed ads. Read more...
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