Facebook just came off a blockbuster quarter, but investors aren’t exactly cheering. Shares of the company opened lower this morning after CEO Mark Zuckerberg warned in an earnings call yesterday that he will stop at nothing to crack down on the scourge of Russian-backed propaganda and avoid a repeat of the 2016 presidential election—even if that means sacrificing profits.
“I’ve directed our teams to invest so much in security on top of the other investments we’re making that it will significantly impact our profitability going forward,” Zuckerberg said, “and I wanted our investors to hear that directly from me.”
Facebook’s stock rallied throughout much of the day yesterday, and even hit a record high of $182.69 a share—despited a series of hearings on Capitol Hill this week during which the company was grilled by Congress about its Russia problem. The company’s third-quarter earnings far exceeded analysts’ expectations, with Facebook reporting revenue of $10.33 billion and earnings per share of $1.59.
But the stock fell in after-hours trading after Zuckerberg’s warning. It opened $180.63 this morning and fell to a low of $177.82. At last check, it was slowly climbing back up.