Emma Asma Cornwall
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Emma Asma Cornwall in Gainers & Losers,

Facebook is in freefall

Facebook shares took a plunge even though earnings were remarkable.

The company reported net income of $2.4 billion, or 82 cents a share, compared with $896 million, or 31 cents, in the year-earlier period. Adjusted for one-time items, the company reported earnings of $1.09, coming in ahead of the FactSet consensus estimate of 97 cents. Revenue for the three-month period rose 59% to $7 billion from $4.5 billion last year, missing the Street's view of $6.9 billion. Facebook reported a 22% increase to 1.79 billion in monthly active users.

But comments of Facebook CFO made investors sell right away, and ascending wedge on daily chart was broken, so technicals look indeed bearish