Facebook’s stock drop continues Friday, makes new low

July 27, 2012 - 4:04 pm | Category: Money

Facebook’s ongoing pains as a newly public company continued Friday as shares dropped to a new low following signs the company’s growth is slowing.

Shares of the No. 1 social networking company fell $3.03, or 11.3%, to $23.81 in afternoon trading, which not only notched a new low but also marked a nearly 40% decline from the company’s initial public offering price.

Shares suffered following the company’s first earnings report as a public company late Thursday which showed a dramatic slowdown in revenue growth year over year, despite meeting official Wall Street estimates on profits.