UPDATE, 1:02 PM: Shares dropped as low as $19.82 before closing at $20.04, -4%. Adding to the company’s embarrassment: It acknowledged in an SEC filing that 8.7% of its accounts — 83M out of 955M — are fake. About 4.8% are duplicates, 1.5% violate some terms of the user agreement, and 2.4% are misclassified by users.
PREVIOUS, 8:40 AM: How low will Facebook go? It’s still a question today as the social network company’s shares decline for the third consecutive day — in a week when they have lost about 31% of their value. The steep decline began after last Thursday when the company reported disappointing Q2 results. Facebook stock, which went public in May at $38, is down about 2.4% this morning to around $20.38. And shares have already traded for as little as $20.16, down from yesterday’s intra-day bottom price of $20.84. It’s hard to figure out today’s slide. Tech companies including Google, Apple, and AOL are up slightly following far better than expected earnings from Yelp. The company, known for its user-generated restaurant and service reviews, is up 23% today after it reported a 67% jump in Q2 sales.
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