Shares of Menlo Park, California-based Facebook Inc (NASDAQ:FB) plunged to lowest level on fears that businesses are spending less to advertise on the world’s biggest social-networking company.
Facebook stock plunged 5.4% to settle at $18.06 in New York. Shares of the company have plunged over 50% its value since Facebook sold shares at $38 per share in an IPO on May 17.
BMO Capital Markets Corp analyst in New York Daniel Salmon reported in a research report on Friday that checks on near-term paid media spending remain challenged. Daniel Salmon has the equivalent of a sell rating on the company’s shares and slashed his price target on Facebook’s stock to $15 from $25.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. Renren Inc (NYSE:RENN) fell -0.52% to settle at $3.83, Electronic Arts Inc. (NASDAQ:EA) moved up +2.54% to end at $13.33 while MeetMe Inc (NYSEAMEX:MEET) surged +3.38% to finish on Friday at $2.45.
Facebook Inc (NASDAQ:FB) last session volume of 58.76 million shares was higher than its average volume of 46.31 million shares. The stock after opening at $18.68 hit high price of $18.70 and then closed at $18.06 by scoring -5.40%.
FB generated revenue of 4.33 billion in the following twelve months and earned $383.00 million. The Company showed a positive 13.29% in the net profit margin and as well as in its operating margin which remained 13.84%.The FB past twelve months price to sales ratio was 8.94 and price to cash ratio remained 3.80.
The stock showed weekly downbeat performance of -6.97% which was maintained for the month at -9.89%. Likewise the negative performance for the quarter was recorded as –32.87% while the YTD performance remained at -52.76%.
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