According to Bloomberg Facebook Inc. (FB) dropped as much as
6.7 percent to a record low, the third straight day of declines after the
world’s largest social-networking service reported second-quarter results that
showed slowing growth.
Shares slumped to as low as $21.61, the lowest intraday
price since Facebook held an initial public offering on May 17. The company is
trading at less than half the intraday high of $45 it reached on its first day
of trading.
Facebook disappointed investors last week when it reported
sales growth of 32 percent, down from 45 percent in the first quarter, and
refrained from providing a sales or profit outlook for the year. The company
also posted slower user growth and is grappling with concerns about how well it
can boost advertising on mobile devices.
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