California Lowers Revenue Projections From Facebook IPO
The state of California expects to take a $600 million hit in its budgeted projections for revenue from Facebook’s initial public offering, lowering its total for the three years ending in June 2014 to $1.3 billion from $1.9 billion.
The state of California expects to take a $600 million hit in its budgeted projections for revenue from Facebook’s initial public offering, lowering its total for the three years ending in June 2014 to $1.3 billion from $1.9 billion.
The Wall Street Journal reported that aides to Gov. Jerry Brown included the modified projections in the state’s proposed budget for the fiscal year beginning July 1.
The reduced figures are due to the social network’s lower-than-expected stock price.
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