With Facebook Earnings, The Second Internet Bubble Is Over

The logo of social networking website ‘Faceboo…Facebook, the social-networking company that launched its IPO in May, reported quarterly earnings for the first time on Thursday afternoon. The numbers were so-so with earnings per share meeting expectations, but in no way resembling the kind of excitement that is usually associated with a huge growth story that is rocketing to the heavens.Investors almost immediately dumped Facebook shares, which tumbled in after-market trading by 8%. Facebook’s stock, which was so well-hyped going into its May IPO, are slated to open on Friday at their lowest level yet and will likely end up being valued about 1/3rd less than they were at IPO time. It’s a stunning fall that will have massive consequences from Silicon Valley to Wall Street.

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