Facebook shares plunged more than 19 percent Thursday after the company warned the day before that its sales growth would stall in the months ahead. The company's user base flatlined in its biggest market, the US and Canada, at 185 million daily users, while declining 1% in Europe to 279 million daily users.
As an example of its new strategy, Wehner said Facebook will put more development muscle behind the company's Stories feature. While the company posted an earnings beat, revenue was below analysts' guidance as the company raked in $13.23 billion in sales, below the $13.23 billion that analysts were calling for.
In the second quarter, Facebook lost roughly 1 million monthly users, and 3 million daily users in Europe.
The proof was in Facebook's stock, which during the call was down as much 24% from its price at the close of regular trading.
And Facebook warned that revenue growth from emerging markets and the company's Instagram app, which has been less affected by privacy concerns, would not be enough to fix the damage.
Meanwhile, other observers think the technology expert may be in over his head when it comes to the many other aspects of his global business. A decade ago, nearly no one could have imagined that Facebook would have more than 2 billion users, much less that its family of apps - Instagram, WhatsApp and Messenger - would also count members in the billions.
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Other companies have, in the past, experienced similar plummets on the stock exchange, if not quite as severe as Facebook, who are now battling new data laws and public concern over their privacy policies.
The change was due to the European Union implementing the General Data Protection Regulations, which imposed new rules on how internet companies store customer data.
Facebook hit the headlines earlier this year when it came to light that Cambridge Analytica had used data, harvested from Facebook users, to target United States voters with personalised political advertising, based on psychological profiles. Analysts expect the firm to invest more in these services, as it is obliged to increase security costs for its original platform.
More likely, though, market buzzards are holding off because of how quickly some analysts are turning on the company. "Real world issues that people thought should affect the company are now affecting the company".
At the stock's lowest point, more than $148 billion of the company's value - significantly more than the entire market cap of IBM ($134 billion) - had been wiped out. Investment company Trillium Asset Management, who has about $11 million in Facebook stock, is proposing to break up Zuckerberg's role as both chairman and CEO, Business Insider reports.