Facebook stock hits new low on advertising worries
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Facebook’s sagging stock hit a new low Friday on concerns of a slowdown in spending on advertising.
The social networking site’s shares were down 68 cents, or 4%, to $18.41 in early trading on Wall Street.
Facebook’s shares have languished since its hyped May 18 initial public offering, which was marred by technical glitches and selective disclosures of information.
Facebook stock has lost more than half its value since debuting at $38 a share.
“Checks on near-term paid media spending remain challenged,” Daniel Salmon, an analyst at BMO Capital Markets Corp., said in a research report, according to Bloomberg News.
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