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Facebook shares continue to fall after CFO comments

Mark Zuckerberg
David Paul Morris | Bloomberg | Getty Images
Mark Zuckerberg

Shares of Facebook tumbled 5 percent Thursday after Chief Financial Officer David Wehner warned analysts on an earnings conference call that ad revenue growth could slow "meaningfully" in 2017.

As of the stock's Thursday close at $119.95, Facebook shares are now in correction territory or more than 10 percent below their 52-week intraday high of $133.50.

According to Wehner, ad growth was one of three leading contributors to Facebook's growth, along with user growth and increasing time spent on the platform. But since the social media giant is getting close to maximizing advertisements without damaging user experience, it won't be able increase ad revenue at the same growth rate next year.

Facebook earnings and revenue beat Wall Street expectations on Wednesday, with the company posting earnings of $1.09 per share on revenue of $7.01 billion, compared to analyst predictions of 97 cents per share on sales of $6.92 billion, according to a Thomson Reuters consensus estimate.

The social media giant's shares rose above $133 per share to all-time highs last week. With Thursday's declines, Facebook shares are still up 14 percent so far this year.

Facebook five-day performance


--CNBC's Harriet Taylor, Evelyn Cheng, and Anita Balakrishnan contributed to this report.