Facebook shares have peaked as social media has become 'zero sum' game, says analyst

People walk past the Facebook 'Like' symbol at the Facebook Innovation Hub on February 24, 2016 in Berlin, Germany.
Sean Gallup | Getty Images

You have to search far and wide to find a bear on Facebook. CNBC PRO found one Thursday morning in Global Equities Research, who told investors Facebook shares have peaked because of social media saturation.

The company disappointed the market during the third-quarter earnings call Wednesday as it warned of lower revenue growth rates and increased investments in the coming year. Facebook shares fell as much as 7 percent in the after-hours session

"This is as good as it can get ... this is the peak for FB stock — and [the] stock has only one way to go, and that's down," Trip Chowdhry wrote in an email to clients Thursday.

"Social media industry is entering the zero-sum economics," he wrote.

The analyst cited how the third quarter was a "once-in-a-lifetime event" for traffic levels as both the 2016 Olympics and the presidential election campaign were in the same period.