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This week, that myth was shattered. Lastly, combine all these with the company's decision to experiment with "Stories" and try to coax advertisers towards the platform at a time when its bases appear uncovered does not sit well for investor sentiment.

The report, which marked Facebook's first full quarter since the Cambridge Analytica scandal, startled investors with a bevy of red flags about setbacks to its revenue and user growth.

"We own it for its leadership in the tech industry", he said. "That's going to have a negative impact on revenue growth", he noted.

As a result, their share prices soared. For example, Google was able to wow investors this quarter even though the recent European Union fine destroyed operating margins, dropping them from 24% to 9% for Q2 2018.

While cloud rivals are gaining ground, AWS remains far in front with 31 percent of the fast-expanding market, versus 18 percent for Microsoft Corp and 8 percent for Google in the second quarter, research firm Canalys said Thursday.

Of 47 analysts covering Facebook, 43 still rate the stock as "buy", two rate it "hold" and only two rate it "sell". Doom and gloom for Facebook, it seems. "The company earned $1.74 per share, ahead of the $1.72 per share analysts were expecting".

"The company has a track record of resetting revenue growth and expense expectations only to turn around and exceed those expectations the following quarter", Munster wrote.

Trump lashes out at Cohen over hush money tape
The other recordings are of conversations in which Cohen mentions the president to someone else, Giuliani said. In addition, Trump's attorneys have not claimed the recording is a privileged attorney-client conversation.

The second quarter of 2018 has not been the best ever for Facebook.

Amazon.com forecast strong fall sales and posted a profit that was double Wall Street targets on Thursday thanks to the retailer's younger, higher-earning businesses, including cloud computing and advertising.

And despite a number of concerns, including the trade tensions surrounding the United States and its largest trading partners as well as the Federal Reserve's increases in interest rates, the S&P 500 is up more than 6 per cent this year and is only about 1 per cent below its high hit on January 26.

After the General Data Protection Regulation went into effect in Europe, Facebook started asking people to check their privacy settings and make sure they wanted to share certain kinds of data. A string of scandals involving how the company users customers' data and how it polices its platform and filters out objectionable content have put it under harsh public scrutiny. But the real question, he said, is whether the company can "continue to do what they are doing in the face of criticism from Wall Street".

There are few examples of single-day losses so large. The stock's price-to-earnings ratio is more than 10 times that of Microsoft.

The market capitalization of the social-networking giant was down by as much as $148 billion before recovering a bit later in the day. Adjusted for inflation, that loss would be more than US$130 billion in 2018 dollars.

Apple is now worth more than than US$950 billion.