Trending: Microsoft AI chief Harry Shum to depart in February after 23 years at the tech giant

Update: Facebook lost around $120 billion in market value on Thursday following its disappointing earnings.

Facebook missed quarterly revenue expectations for the first time in years as shares of the social media giant dropped 8 percent in after-hours trading Wednesday. The earnings report follows a tumultuous quarter for Facebook, which has faced questions from Congress and others about handling of misinformation on its site and user privacy.

The company posted $13.23 billion in revenue for the second quarter, missing estimates of $13.36 billion. Its $1.74 earnings per share beat expectations of $1.72. It reported 2.23 billion monthly active users and 1.47 billion daily active users, which were both up 11 percent year-over-year but narrowly missed estimates.

Despite the rocky quarter, Facebook shares had hit an all-time high before Wednesday’s earnings report and its quarterly revenue was still up 42 percent from this time last year.

“Our community and business continue to grow quickly,” Facebook CEO Mark Zuckerberg said in a statement. “We are committed to investing to keep people safe and secure, and to keep building meaningful new ways to help people connect.”

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