Market research firm eMarketer cut its forecast for Facebook’s revenue by no less than $1 billion in a press release published on Thursday. eMarketer expects Facebook to generate $5.04 billion in 2012, down $1 billion from its February forecast of $6.1 billion.
The downgrade is a reaction to Facebook’s disappointing revenue growth in the first two quarters of 2012 and comes at a time when bad news for the social network are in no short supply. Facebook has yet to find a way to monetize its growing mobile audience
and the company’s stock price has tumbled
ever since the social network went public in May.