July 25, 2018 / 8:50 PM / a year ago

Facebook's disappointing report hits rest of FANG

FILE PHOTO: Facebook logo is seen at a start-up companies gathering at Paris' Station F in Paris, France on January 17, 2017. REUTERS/Philippe Wojazer/File Photo

FANG stocks taking a hit in after hours trade on Wednesday after Facebook’s Q2 report badly disappointed investors

- FB slumped 7 pct after the social network reported lower- than-expected quarterly revenue and monthly active users, months after the social network became embroiled in a data scandal affecting millions of people

- Amazon, Netflix and Google-parent Alphabet - the “ANG” in “FANG” - each lost almost 1 pct, reversing gains from Wednesday’s official trading session

- FB rivals Twitter and Snapchat-owner Snap lost 1.7 pct and 0.8 pct, respectively

- With GOOGL and NFLX having already reported, all eyes will now be on AMZN, set to report its results late on Thursday

- FB said monthly active users rose to 2.23 bln, falling short of a consensus estimate of 2.25 bln from Thomson Reuters I/B/E/S

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