Facebook shares plunge after the market, spending jumps 51% last year

Facebook’s shares fell more than 7 percent after wednesday’s session as the company’s latest results showed a 51 percent jump in spending in 2019 and a drop in operating margins. Facebook’s total expenses and expenses reached $46.71 billion last year, up 51 percent from 2018, according to the report. Operating margin sits down to 34% from 45% in 2018.

Facebook shares plunge after the market, spending jumps 51% last year

The company’s fourth-quarter revenue grew nearly 24.7 percent year-on-year, the fourth straight quarter of growth of less than 30 percent.

The company also announced a $10 billion share buyback program Wednesday.

Mark Zuckerberg, Facebook’s chief executive, said in a earnings release that the company would make privacy a priority this year after being fined $5 billion by US authorities for a data breach last year.

“It’s going to take time, but over the next decade, I want to build a reputation for privacy that’s as strong as the good, stable reputation we’ve built on service,” Mr Zuckerberg said. “