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Facebook Stock Tumbles 17% as Market Opens

Jul 27 2012, 8:47am CDT | by , in News | Technology News

Facebook Stock Tumbles 17% as Market Opens

Facebook shares are in free fall trading at $22.41 right now.

Facebook reported the first quarterly earnings yesterday after the market closed. The numbers were actually as expected. Still the market does not like it and the stock has fallen as much as 17% in early trading. 

I guess investors are realizing that it will take a long time until Facebook makes the amount of revenue that matches its market cap. Facebook has close to a billion users. About half of them are using Facebook over mobile devices. Facebook needs to come up with a cash cow like Google has with AdWords to become a really valuable company.

After the IPO I thought that I would buy Facebook stock when it drops under $20. Now I think $20 is still not low enough.

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