President Donald Trump has publicly blamed the Federal Reserve's interest rates hikes for holding back U.S. economic growth.The Fedread more
China's President Xi Jinping arrived in Pyongyang on Thursday morning for a state visit to North Korea — the first by a Chinese state leader in 14 years. Experts say the move...Asia Politicsread more
Gold prices spiked in the afternoon of Asian trading hours on Thursday after a dovish U.S Federal Reserve opened the door to further rate cuts, and the 10-year Treasury yield...Metalsread more
The Fed came very close to promising a rate cut Wednesday, and now markets are focused on a possible July rate cut.Market Insiderread more
Waymo has signed a deal with Renault and Nissan to develop self-driving cars and trucks for use in France, Japan and possibly other countries in Asia, including China, the...Autosread more
"No U.S. drone was operating in Iranian airspace today," a U.S. Central Command spokesman said, according to NBC News.World Politicsread more
The Fed left interest rates unchanged at its monetary policy meeting. The U.S. central bank did, however, drop the word "patient " from its statement and said it would "act as...Asia Marketsread more
As the presidents of U.S. and China near a highly anticipated meeting on trade, the gap in both sides' expectations regarding a deal remains wide.World Politicsread more
Markets had expected the central bank to keep its benchmark interest rate steady while setting up a cut at the July meeting.The Fedread more
The yield on the benchmark 10-year Treasury note fell below 2% for the first time since November 2016 on Wednesday.Bondsread more
Powell said policymakers are concerned about some of the recent economic developments and see a growing case for easier policy.The Fedread more
The shares fell as low as $173.75 Thursday before ending the session at $176.26.
Thursday's plunge knocked roughly $120 billion in market value off the tech stock and dragged the rest of the sector lower. Before Thursday, Facebook's largest single-day loss came in July 2012 when it shed 11 percent.
The company missed projections on key metrics after struggling with data leaks and fake news scandals.
European DAUs fell to 279 million from 282 million the previous quarter, potentially related to the effect of the enactment of the General Data Protection Regulation in the European Union. The set of regulations gives users more control over their online data.
North American DAUs remained flat despite the fallout from the Cambridge Analytica data leak scandal and fake news issues. However, average revenue per user in the region rose despite the lack of growth. It reached $25.91 per user, up from $23.59 in the first quarter.
Facebook also missed on advertising revenue projections, with $13.04 billion compared with the StreetAccount and FactSet estimate of $13.16 billion.
On a call with analysts, Facebook delivered some jarring warnings to investors, saying it expected its revenue growth rates to be lower than the year prior, especially in the second half of this year. (Facebook has a history of earnings calls that hurt the stock.)
As of Thursday's close, Facebook was flat on the year and up just 6 percent for the past 12 months. The stock is flirting with bear market territory — nearly 20 percent off its 52-week high — after having clawed its way back from those levels hit on the heels of the Cambridge Analytica privacy scandal earlier this year.