FACEBOOK has failed to meet revenue forecasts and their user growth was slower according to their latest results after being hit by a “fake news” backlash.
The social media giant had an average of 1.49 billion people using the network on a daily basis last month, which was up 9% but fell below expectations of 1.51 billion.
Sales for Facebook rose by 33% to £10.7 billion but this just missed set forecasts, after warning investors in July that their previous growth would slow.
Since the warning earlier in the year Facebook’s share price has dropped about a third of its value for investors.
They also claimed that over two billion people used at least one of their apps every day, including WhatsApp and Instagram.
Mark Zuckerberg, co-founder and chief executive of Facebook, said he is confident that the firm’s ad business will catch up to the shift in behaviour but warned investors to expect 2019 to be another year of “significant investment”.
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