Facebook heading for its worst trading day ever

Facebook is beefing up its suicide prevention tools including new options for people to report if someone might harm themselves while broadcasting on Facebook Live

Though privacy concerns are definitely real, as seen after the Cambridge Analytica fiasco, the real reason people are bailing on Facebook likely has more to do with their algorithm which censors the content they believe is "good for people's well-being".

Facebook is the largest social media company in the world, with Twitter the second-largest behind what Mark Zuckerberg created. But those days are now gone, as the company's second-quarter earnings call made clear. But the results followed a period in which data-privacy issues came under harsh scrutiny, with Chief Executive Officer Mark Zuckerberg testifying before U.S. Congress for hours on the company's missteps.

Yet Facebook is hardly a stranger to a volatile stock price and has rebounded from previous mishaps, including Cambridge Analytica. By the time Wall Street closed yesterday, Facebook had lost over $120 billion of the company's value and shareholders are not happy.

"Unlike Netflix, whose quarterly shortfall we saw as temporary, here we see an evolution of the story, albeit a portion of which we expected", said Daniel Salmon, analyst at BMO Capital Markets.

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The company also said that revenue growth from emerging markets and the company's Instagram app, which has been less affected by privacy concerns, would not be enough to fix the damage. Amazon Web Services sales hit $6 billion, marking a yearly growth rate of nearly 50 percent, while the segment's profit was $1.64 billion.

The erosion in the value of Facebook as it is perceived on Wall Street involves some staggering numbers.

Investors began to panic after the social media company said during an earnings call Wednesday that revenue growth would continue to decelerate for the rest of the year.

Facebook's margin fell to 44 percent in the second quarter from 47 percent a year ago as it spent heavily on security and initiatives to convince users the company was protecting their privacy.

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For the first time, Facebook has announced that in June, 2.5 billion people used at least one of its apps: Facebook, Instagram, WhatsApp, or Messenger.

In Q2, Facebook's total revenue growth rate dropped about 7 percentage points compared with Q1.

Facebook's stumble suggests that some of these stocks - as well as the broader market - could be particularly vulnerable if their financial results don't live up to investor expectations. Without knowledge on what demographic the three million European users who abandoned the service fit into, it's hard to know just how easy it'll be for Facebook to win them back.

Toward the end of the call, a Jefferies analyst seemed astonished at the scale of the growth slowdown, saying it "seems the magnitude is beyond anything we've seen".

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