Facebook is on pace for its worst day ever

Facebook is on pace for its worst day as a public company after opening 19.6 percent down on a Q2 revenue miss and disappointing daily active user count.

Shares fell as low as $174.48 Thursday morning. The stock ended trading Wednesday at $217.50. You can follow the tick-by-tick changeson CNBC.

Thursday’s plunge knocked roughly $120 billion in market value off the tech stock and is dragging the rest of the sector lower.

The company missed projections on key metrics after struggling with data leaks and fake news scandals.

European DAUs were down from 282 million last quarter, potentially related to the effect of the enactment of the General Data Protection Regulation (GDPR) in the European Union. The set of regulations gives users more control over their online data.

North American DAUs remained flat despite the fallout from the Cambridge Analytica data leak scandal and fake news issues. However, average revenue per user in the region rose despite the lack of growth. It reached $25.91 per user, up from $23.59 during the first quarter.

Facebook also missed on advertising revenue projections, with $13.04 billion compared to the StreetAccount and FactSet estimate of $13.16 billion.

On a call with analysts, Facebook delivered some jarring warnings to investors, saying it expected its revenue growth rates to be lower than the year prior, especially in the second half of this year. (Facebook has a history of earnings calls that hurt the stock.)

At least three analysts downgraded the stock after the report, and many on Wall Street raised concerns about the company’s policies and forecast.

As of early trading Thursday, Facebook was essentially flat in 2018 and up just 7 percent in the 12-month period. The stock is flirting with bear market territory — nearly 20 percent off its 52-week high — after having clawed its way back from those levels on the heels of the Cambridge Analytica privacy scandal earlier this year.

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