Facebook Chairman and CEO Mark Zuckerberg testifies before the House Financial Services Committee on “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors” in the Rayburn House Office Building in Washington, DC on October 23, 2019.

MANDEL NGAN | AFP | Getty Images

But the impact wasn’t limited to social media. Shares of Amazon, which has a growing advertising business, were down more than 3%. Amazon reports results on Thursday.

Shares of Microsoft, which also has exposure to advertising, including through business social network LinkedIn, moved almost 1% lower.

Facebook’s earnings and user numbers for the fourth quarter fell short of expectations, and its quarterly revenue guidance range came in below consensus as well.

Microsoft CEO Satya Nadella talked up the opportunity in digital advertising last week, telling analysts that advertising revenue in the past 12 months, including LinkedIn, exceeded $10 billion before traffic acquisition costs.

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