Facebook slid for a third day of trading Tuesday, falling below not only Friday’s initial offering price of $38, but below even the $34 to $38 revised range the company set in the days leading up to the debut.
By 11:30 a.m., shares were down to $32 for a market capitalization of $68.5 billion.
As shares fell, Reuters reported that the lead consumer Internet analyst for Morgan Stanley — the company’s lead underwriter for the deal — had cut his revenue forecasts for the social network. The forecast was changed after Facebook filed a revision to its S-1, citing concern about the way a shift to mobile users will affect its revenue.
Unnamed “sources familiar with the situation” told Reuters that other underwriters also revised their estimates after the filing.
Morgan Stanley declined to comment on the matter.
Meanwhile, Nasdaq worked to address the glitches that delayed Facebook’s initial offering on Friday. In a call to shareholders on Tuesday, Nasdaq chief executive officer Robert Greifeld said there had been clear “mistakes in the Facebook listing” but reaffirmed that Nasdaq is “sound,” according to a report from the Wall Street Journal.
The report said that the call lasted about 30 minutes — shorter, the Journal noted, than the delays the IPO faced — and that Greifeld took no questions.