Facebook Shares Drop 6% Amid Rise in Expenses

Facebook shares fell more than 6.14% at the end of trading on Thursday, as expenses increased and the company's revenue growth slowed.

The US company that owns the social media platform along with Whatsapp and Instagram, revealed on Wednesday that Facebook profits and revenues increased more than expected in the last quarter of 2019.

However, the stock was negatively affected by the increase in the company's expenses by 34% to reach $ 12.2 billion in the last 3 months of the same year.

Facebook's decline also came as revenue growth slowed below 30% for the fourth consecutive quarter.

The number of Facebook users has increased daily by about 9% during the past quarter to reach 1.66 billion people.

At the close of the session, Facebook shares fell 6.14% to $ 209.53.

Facebook fell to 23rd place in the “Best Places to Work” list in 2020, losing its place among the top ten.

According to a report issued by the American “Glass Door” Foundation, last December, Facebook was ranked seventh in the list issued last year.

The world’s largest social media company’s drop from the top ten list comes amid organizational audits on the US company against the backdrop of theft of user data and other privacy matters.