He (CFO) blamed the dollar, adding “new experiences,” and having to back off its horrendous privacy practices:
“In terms of what’s driving the deceleration, it’s a combination of factors. First of all, there’s currency that’s going from a tailwind to a modest headwind. Secondly, we’re going to be focusing on growing new experiences like Stories . . . and that’s going to have a negative impact on revenue growth. And we’re giving people who use the service more choice in terms of privacy.”
This was when shares came unglued and plunged 23%. And Facebook’s market capitalization, at $621 billion before the market closed, plunged by $143 billion.