CFO David Wehner said that ad load could come down meaningfully in 2017. The stock fell 5 percent in extended trading.
The danger with crowded stocks like Facebook is that if momentum moves towards the downside, sell-offs can pick up steam quickly, "regardless of the fundamentals," trader Brian Kelly said.
The momentum in technology stocks isn't over, but trader Guy Adami said that there's a "very good chance" that the S&P 500 retests levels near 2,043. On Wednesday, the index saw its seventh-straight negative session, closing at 2,097.94.