Facebook’s earnings hit by fines and growth slowdown, but investors remain unfazed

Facebook Inc. has taken a hit of over $5 billion to its earnings in the first half of the year to pay government fines, and on Wednesday it predicted its revenue growth will slow down in the second half of the year.

Earlier Wednesday, before it announced its second-quarter results, Facebook announced a $5 billion settlement with the Federal Trade Commission and a separate $100 million fine to the Securities and Exchange Commission. “We also expect more pronounced deceleration in the fourth quarter and into 2020, partially driven by ad targeting-related headwinds and uncertainties,” Wehner told analysts. When asked for more details, Wehner cited lower price points for ad impressions and tough comparisons with the previous fourth quarter.

Facebook’s CFO has been warning investors about slowing revenue growth for more than two years. But now that the deceleration is actually happening, and the company is seeing hits to its net income with hefty government fines, it’s proving to be even more resilient than expected. Facebook stock is up about 55% this year, wrote John Blackledge, a Cowen & Co. analyst, in a note ahead of earnings. “We still find valuation attractive given Facebook’s growth,” he said.

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