Their shares are tanking fast but Facebook numbers are up 12% in Australia.Overnight, Facebook shares that hit the market two weeks ago at $38 continued to tumble with the stock falling another 10% to sub $29. Analysts are tipping there “Is still more to go” as investors dump the social network stock due to the lack of a clear picture as to where profits will come from for the group.
In Australia more than 10.8 million Australians checked into Facebook in April, according to the latest Australian online landscape review from market research firm Nielsen.
That was up 12 percent on April last year, Nielsen said – but down on March 2012 figures, apparently due to seasonal factors such as Easter and school holidays.
Facebook leads the social networking scene in “stickiness” with an average time of eight and a half hours each spent by users. Twitter was second – with 21 minutes.
The total number of online Australians in April was 15.3 million people, down 5.1 percent due to the seasonal factors, Nielsen says. But mobile page views shot up 182 percent to 221.2 million.
More women spent time online than men: 7.8 million online females compared to 7.4 million males.
Overall Facebook’s value is down more than 20% from where they debuted less than two weeks ago, having slid following a messy IPO process and because of concerns about the company’s growth potential.
As options traders stepped into the market overnight, the biggest trades were options known as “puts” to wager on Facebook slipping to $25 a share by mid-July. Puts are contracts that give the buyer the right to sell stock later for a set price.
The surge in options activity wasn’t seen as a good thing for Facebook’s stock.