Facebook Inc is scheduled to report its earnings for Q2 of 2019 this Wednesday, and the general forecast is for the social network company to report estimated EPS for $1.9 which would exceed the $1.74 that was registered for the same period last year.
Facebook would be reporting its earnings performance for Q2 amidst rising controversies surrounding its newly proposed Libra cryptocurrency, which has already been scrutinised by both Jerome Powell (the chairman of the FED) and Donald Trump, who have expressed on several occasions their scepticism about the administration and reliability of such a proposed decentralised medium of financial exchange.
After the release of the last earnings report of Facebook, the founder and CEO of the company, Mark Zuckerberg had this to say about the overall performance:
“We had a good quarter and our business and community continued to grow. […] We are focused on building out our privacy-focused vision for the future of social networking, and working collaboratively to address important issues around the internet. ” [source]
Facebook is currently struggling to improve its reputation as a reliable and trustworthy company that can protect the privacy and the sensitive data of its customers, after suffering significant controversies in the past resulting from leakages of such information regarding the private lives of its customers. For that reason, Wednesday’s report becomes of crucial importance for the overall well-being of the company, and it could shed light about the likely future development of Facebook.
The share price of Facebook is currently trading at around 199 dollars, and it is just below the fundamentally critical level of 200, which has a psychological significance because of the two zeros. Moreover, the price is consolidating below the historically important resistance level at 203.43. It managed to break above it last week temporarily, but it was to no avail as the price eventually broke below it once again. The last time when the price was trading above this resistance level was in July of 2018.
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