Shares in Facebook have dropped again as investors continue to shun what was one of the most-anticipated flotations.
The stock dropped 5.2% to $32 a share, after debuting on Friday on the Nasdaq stock exchange at $38 in the third-biggest share sale of all time.
On Monday, the shares fell by 11%.
It is a remarkable turnaround from recent weeks, when the social network's share sale was over-subscribed and the eight-year-old firm was valued at $104bn (£66bn).
The social networking site has transformed the way in which hundreds of millions of people around the world communicate. It is also transforming the way companies advertise to existing and potential customers.
But Facebook's 900 million users helped the company generate just $1bn in profit last year, and there are concerns about its ability to grow profits in the future.
Source & Image : BBC
No comments:
Post a Comment