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Mark Zuckerberg’s Net Worth Drops $5 Billion After Facebook Results Shake Investors
Facebook stock dropped more than 6% in after-hours trading after the company posted fourth-quarter earnings that beat analyst revenue expectations but showed a steep rise in expenses on the year. The company reported revenue rose 25% to $21.1 billion, beating Refinitiv forecasts of $20.9 billion. Net income increased 7% to $7.3 billion, or $2.56 a share, topping forecasts for $2.53. But expenses rose 34% year-over-year during the quarter to $12 billion as its headcount swelled to nearly 45,000. The disappointment sent shares skidding, shaving off more than $5 billion of Facebook cofounder and CEO Mark Zuckberg’s ... (full story)