Shares of social networking giant Facebook Inc. (NASDAQ: FB) are lower in trading today despite a sharp rise in the Technology sector.
At last check, FB shares were down 0.31% to $29.02 on volume of 8.13 million. The stock fell to an intra-day low of $28.63. FB shares have fallen nearly 5.5% this week.
The stock had tumbled earlier in the week after an analyst reported a drop in U.S. users for Facebook. Rory Maher, analyst at Capstone, said that the social network had lost users in both the U.S. and Europe. Maher said that he employed proprietary software in order to track user numbers by country on Facebook over the pas six months across over 200 countries.
According to Maher, FB’s U.S. users fell 1.1%. Maher also mentioned in the research note that of the 23 countries where the social network’s penetration was above 50%, only 9 saw an increase in user base over the past three months. The remaining countries either saw a little change or a decline in users.
FB had last reported that it had over 900 million users. Since its inception, the social network has seen sensational growth, which led to a much hyped initial public offering (IPO) earlier this year. However, lately questions have been raised about FB’s user growth. In fact, concern over user growth has been one of the reasons behind sharp fall in FB shares since the IPO.
FB had priced its IPO at $38 per share.
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