Disappointing earnings wiped $119.4bn off the value of Facebook, with the resulting wobble in tech causing problems for Chinese internet giant Tencent, which has lost $143bn since its January peak.
Facebook’s shares slumped 19%, to post the largest one-day loss in market value in US stock market history, after it missed projections on revenue and global daily active users.
However, shareholders in China’s Tencent have lost still more this year. Most recently it’s been concerns as to slowing growth in its mobile faming unit, but with its shares down 25% since January, its price is now $143bn adrift of its peak. Its quarterly results on 15 August will need to surprise significantly if its to recoup recent falls.