The Finance chief of the social media giants, Facebook revealed the company’s shares declined after a survey revealed a drop in teenage users and the young users prefer Twitter.
Facebook stocks advanced 18% to $57.98 following its upbeat financial reports but later dropped back to $48.44, below the day’s closing price of $49.01.
Investors’ worries over the Finance chief David Ebersman comments, who confirmed the Facebook, noted a drop in its daily use among their teenage users.
“Our best analysis of youth engagement in the US reveals that usage of Facebook among US teens overall was stable,” David said “We did see a decrease in daily users specifically among younger teens,” he added.
The statement came in after the financial firm Piper Jaffray carried an out a survey and revealed the social network rival Twitter had overtaken Facebook.
Facebook has been dropped from being young users top social network choice from 44% of young users down to 23%.
Facebook shares saw a huge advance in its third-quarter figures, surpassing analysts’ expectations. The social media company’s revenue climbed by 60% to $2.02 billion, driven by the company’s mobile as market.
Facebook revealed it gained $425m in the third quarter, compared to its loss of $59m seen during the same period in the previous year.
Adjusted earnings were seen at $621m in the last quarter, exceeding analysts’ expectations.
Facebook CEO Mark Zuckerberg said “The strong results we achieved this quarter show that we’re prepared for the next phase of our company, as we work to bring the next five billion people online and into the knowledge economy.”
The advertising revenue for the social media giants came in at $1.8bn, edging 66% higher from a year ago, as facebook mobile ads accounts for 49% of the company’s ad revenue.
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