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Illustration: Lazaro Gamio/Axios

Facebook lost more than $125 billion in value after the markets closed, with shares plummeting more than 20%, following an earnings report that missed revenue and user growth estimates.

Why it matters: Facebook is part of a small group of companies that has been keeping the overall stock markets afloat for much of 2018.

  • According to a Bank of America Merrill Lynch research note, the so-called FAANG stocks — Facebook, Amazon, Apple, Netflix and Alphabet (Google) —were single-handedly responsible for the S&P 500 being positive through the first half of 2018. Without them, the index’s first half performance would have been -0.73%.

What happened: Facebook spent the quarter trying to fix its fake news problem, and it’s possible that these results show (perversely) that it’s beginning to work.

  • Mark Zuckerberg wrote that “we're investing so much in security that it will significantly impact our profitability.”
  • Thing is, profits were actually up. And up more than expected. This is a top-line issue reflecting slowed growth, not a bottom line issue about more money going out the door.

Be smart: What we’ve seen in the past 12 hours is that these foundational stocks can fall very far, very fast, and very unexpectedly. Add in a recent subscriber growth hiccup from Netflix, which continues to trade at an astronomical multiple to earnings, and it shows just how thin the line has been between black and red.

Go deeper: Subscribe to my new podcast, Pro Rata.

Go deeper

In photos: Twin Cities on edge after Daunte Wright shooting

Demonstrators shout "Don't shoot" at the police after curfew on April 12 as they protest the death of Daunte Wright, who was shot and killed by a police officer in Brooklyn Center, Minnesota, a day earlier. Photo: Kerem Yucel/AFP via Getty Images

There were tense scenes in the Twin Cities suburb of Brooklyn Center Monday night, after demonstrators defied a 7 p.m. curfew to protest for a second night the fatal police shooting of Daunte Wright.

The big picture: The curfew was announced following a night of protests and unrest over the killing of Wright, 20, during a traffic stop Sunday. Following peaceful protests and a daytime vigil, police again deployed tear gas during clashes with protesters Monday night, according to reporters on the scene.

In photos: Life along the U.S.-Mexico border

Children at the border of the Puerto de Anapra colonia of Ciudad Juárez, Mexico, hang on a border fence and look to Sunland Park, N.M. Photo: Russell Contreras/Axios

Axios traveled to McAllen and El Paso, Texas, and Ciudad Juárez, Mexico, to see how the communities are responding to an increase of migrants from Central America.

Of note: The region in South and West Texas are among the poorest in the nation and rarely are the regions covered in depth beyond the soundbites and press conference. Axios reporters Stef Kight and Russell Contreras walked the streets of McAllen, El Paso, Texas, and Ciudad Juárez to record images that struck them.

Updated 2 hours ago - Axios Twin Cities

Police: Officer who shot Daunte Wright accidentally pulled gun instead of Taser

The officer who fatally shot Daunte Wright, a 20-year-old Black man, outside Minneapolis Sunday appeared to have inadvertently pulled out her gun instead of a Taser, police said.

What's new: Officials on Monday night identified the officer involved in the shooting as Kim Potter, who has been with the Brooklyn Center Police Department for 26 years.