City AM Article: Facebook's share price plunges as markets open, losing more than $120 bn off its market value

"The guidance from management over their expectations for revenue growth to decelerate so markedly for the rest of the year did take us, and the market, by surprise," said Christopher Rossbach, chief investment officer at J. Stern & Co.

"The share price decline of 20 per cent after hours is relatively understandable given the strong run over the last couple of months, and indeed over the last five years."

He added that it is "probably unlikely" that Facebook's share price will recover quickly, due to a resetting of expectations that will take time for investors to digest.

Had Facebook opened as low as it had fallen last night, it would have marked the biggest fall after an earnings release in history.

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