Facebook and Starbucks Tumble in Premarket Trading

Investing

Published: July 27, 2012 8:28 am

Last Updated: July 27, 2012 8:30 am

Shares of Facebook Inc. (NASDAQ: FB) have tumbled about 12% in premarket trading. The social media giant said late Thursday that its second-quarter revenue rose 32% to $1.2 billion, but the company failed to provide a forecast for the current period or the full year in its first earnings report as a public company. Concerns remain over how the company plans to generate significant revenue from mobile products.

Zynga Inc. (NASDAQ: ZNGA) and Groupon Inc. (NASDAQ: GRPN) are likewise down in premarket trading.

Also getting crushed this morning is Starbucks Corp. (NASDAQ: SBUX). Shares are down more than 10% premarket after it forecast a fourth-quarter profit that fell short of consensus estimates. The world’s largest coffee-shop chain has seen consumers pull back around the globe. Starbucks said it may begin closing some unprofitable stores in Europe in the current quarter.

In premarket trading, Facebook is trading near $23.45, in a previous 52-week range of $25.52 to $45.00. Starbucks is down to $47.08, in a 52-week range of $33.72 to $62.00.

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