Is Facebook Down Right Now? Social Media Service Update

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There are reports of tech problems with the popular social media website and application Facebook.

At this time, it is not clear what caused the crash or how long it lasted.

The crash comes just a week after the social media giant lost 24% of its market share — roughly $119 billion — which in turn cause CEO Mark Zuckerberg to lose approximately $17 billion overnight.

via Reuters:

Facebook Inc’s shares lost as much as a quarter of their value on Wednesday after executives said that profit margins would plummet for several years due to the costs of improving privacy safeguards and slowing usage in the biggest advertising markets.

The second-quarter results were the first sign that a new European privacy law and a succession of privacy scandals involving Cambridge Analytica and other app developers have bit into Facebook’s business. The company further warned that the toll would not be offset by revenue growth from emerging markets and Facebook’s Instagram app, which has been more immune from privacy concerns.

Operating profit margin, which fell to 44 percent in the second quarter from 47 percent a year ago, will sink to the “mid-30s” for more than two years, Chief Financial Officer David Wehner said in investor guidance.

#BREAKING: Facebook has crashed again! pic.twitter.com/6uQmYFBgaN

— Preston Phillips CBS 5 (@PrestonTVNews) August 3, 2018

As of 12:40 p.m. EST, Facebook appears to be back to full functionality.

This story is developing. Please refresh for updates.

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