Facebook Opens Down 20%, Halts Party for Tech ETFs

Following the announcement, shares of Facebook fell by over 20 percent.

“Management commentary about decelerating topline growth during a quarter where the company fell short of ad revenue for the first time is what has led to the stock’s after-hours performance,” Goldman Sachs analysts wrote in a note to clients.

Related: Facebook’s Lifting of Bitcoin Ban Will Boost Cryptocurrency Market

ETFs like iShares US Technology ETF (NYSEArca: IYW)–up 10% YTD, Invesco NASDAQ Internet ETF (NASDAQ: PNQI)–up 20..34% YTD and Global X Social Media ETF (NASDAQ: SOCL)–up 7.95% YTD–all took a hit today with IYW down 1.47%, PNQI down 2.10% and SOCL down 3.4%.

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