Facebook Frolics, Blinded by the Hype 0
Mark Cuban, who is rich because he knew when to get out of the dot-com bubble, says wasn’t suckered in Facebook stock. Instead, he zucked himself.
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(Blomberg’s Jonathan Wiel comments–ed.) In spite of the shareholder lawsuits filed against Facebook, I have seen no indication that the company’s executives lied to the public about its performance or prospects. Facebook’s prospectus warned about the risks. The decline in Facebook’s rate of revenue growth shouldn’t have surprised anyone. In 2010, sales grew 154 percent. In 2011, they rose 88 percent. By the first quarter of this year, the year- over-year rate was 45 percent. Last quarter, Facebook’s first as a public company, it was down to 32 percent.