Facebook shares dropped 18.96 percent Thursday in a dramatic slide a day after the social media giant released an underwhelming quarterly earnings report.
This drop wipes out $100 billion from the company’s market cap, according to Birinyi Associates. Facebook's plunge was the biggest one-day drop in value for any publicly traded company.
Facebook shares closed at a record high of $217.50 Wednesday -- but then plunged in after-hours trading after the company reported earnings. The stock continued the slide when the market opened Thursday morning.
The earnings report revealed that user growth in the U.S. and Canada, Facebook’s most valuable region of users by far, had plateaued.