Andre Yoskowitz
4 Sep 2012 22:00
Facebook's stock continued its quick descent into new all-time lows, again.
The latest drop came thanks to Morgan Stanley, the bank which was the lead underwriter for the company's public offering months ago.
Morgan Stanley said in a note to clients that the giant social network continues to struggle in their efforts to target mobile users with ads. Users see thirty times the amount of ads when browsing on the desktop site.
Unfortunately for Facebook, more and more users are browsing the site via their phones and tablets, cutting into revenue.
Facebook's stock fell to $17.73 today, giving the company a market value of $38 billion. The company IPO'd at $38 and reached $45 at one point, giving it a value of $100 billion.