The social media giant Facebook (FB – Free Report) saw the worst day in nearly four years as its shares tumbled 6.8% on Monday trading session and wiped out $36.4 billion from the company’s market value.

The steep decline came as the data breach reports sparked concerns over how Facebook manages third-party access to user data. The reports from New York Times and London’s Observer disclosed over the weekend that data analytics firm Cambridge Analytica, which had ties to the Trump campaign, gained inappropriate access to data on more than 50 million Facebook users. This has sparked broader concerns about data privacy and security, and will likely lead to increased scrutiny over data security and possible regulatory pressure.

The news has taken a toll not only the broader technology sector but the broad U.S. market as well. Both the S&P technology index and tech-heavy Nasdaq Composite Index witnessed the worst one-day fall since the sell-off in early February, declining 2.1% and 2.5%, respectively. In particular, other stocks in FAANG group, namely Amazon (AMZN – Free Report) , Apple (AAPL – Free Report) , Netflix (NFLX – Free Report) and Alphabet (GOOGL – Free Report) also saw terrible trading, losing 1.7%, 1.5%, 1.6% and 3.0%, respectively. These stocks led the market higher over the past two years.

Other social media companies like Twitter (TWTR – Free Report) and Snap (SNAP – Free Report) also dipped 1.7% and 3.5%, respectively.

Currently, Facebook has a Zacks Rank #2 (Buy) and a Growth Score of B, suggesting that it is primed for growth in the coming months. It saw solid earnings estimate revision of 58 cents for this year over the past 60 days and has an estimated growth rate of 16.72%. Revenues are also expected to grow 36.3% for this year. However, the networking giant belongs to the bottom-ranked Zacks industry (bottom 30%), which signals some pain in the near term.

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