Facebook stock tumbles. It's The Daily Crunch.

THE DAILY CRUNCH THURSDAY, JULY 26 2018 By Anthony Ha Facebook takes a financial hit over slowing growth, a new study looks at the Trump Administration and H-1B visas, and Tommy Hilfiger announces a smart clothing line. Here's your Daily Crunch for July 26, 2018. 1. Facebook officially loses $123 billion in value When it comes to market capitalization, Facebook was worth $629.6 billion yesterday. When trading opened this morning, it was worth $506.2 billion. In other words, the company has lost $123.4 billion in value overnight. The reason for the drop was slowing user growth — the company barely has more daily active users than last quarter, and in Europe, Facebook's user base actually shrank. 2. Indian H-1B applicants face particular scrutiny in Trump's work visa crackdown A new report from the National Foundation for American Policy sheds light on how the "Buy American and Hire American" executive order from April 2017 has impacted H-1B applicants in the last year. Sponsored By: Disrupt SF 2018 Get Your Startup In Front Of 10,000 People Book your Startup Alley package at Disrupt SF and get 3 passes to the conference (that's 1 extra than normal!). Disrupt SF will bring together 10,000 innovators from around the world for 3 full days of startups and tech news. Book your package today and get your startup noticed by today's leading investors. Learn More… 3. Tommy Hilfiger has launched a ridiculous line of smart clothing that rewards you for wearing it Tommy Jeans Xplore comes with smart-chip embedded technology. The goal is not to offer access to calls, texts, maps and music controls when you can't get to your phone. Instead, Hilfiger's smart clothing aims to reward you with points for wearing Hilfiger clothing. 4. Spotify hits 180M users but loses €394M in tepid Q2 earnings Spotify is racing to sign up users before Apple Music can, even at the expense of its finances. According to its second quarter earnings report, it reached 83 million paid subscribers, up 40 percent year-over-year. 5. YouTube punishes Alex Jones' channel for breaking policies against hate speech and child endangerment Google confirmed it has issued a strike against Infowars founder Alex Jones' YouTube channel for breaking the video platform's policies against child endangerment and hate speech. Four videos were also removed. 6. Twitter 'shadow banning' is Trump's latest social media cause The president's latest Twitter target is Twitter itself. 7. Enterprise barcode scanner startup Scandit raises a $30 million Series B "Augmented reality for enterprise" is the sort of phrase that surely hits all of the right neurological pleasure centers for VCs. Get more stories at techcrunch.com  Newest Jobs From CrunchBoard: Senior Software Architect at University of New Mexico (Albuquerque, NM, USA) Product Manager at Scholly, Inc (Los Angeles, CA, USA) Director of Operations at Scholly, Inc (Los Angeles, CA, USA) Java / C# Programmers Wanted! at TechEmpower, Inc (Los Angeles, CA, United States) CMO / Head of Consumer Growth and Engagement at BookBub (Cambridge, MA, USA) SEE MORE JOBS ON CRUNCHBOARD Post your tech jobs and reach millions of TechCrunch readers for only $200 per month View this email online in your browser If you do not want to receive this email or you would like to update your preferences click here. 410 Townsend Street, San Francisco, CA 94107 © 2018 Oath Tech Network. All rights reserved.   TechCrunch is now a part of Oath and a part of Verizon. On May 25th 2018 we will be introducing a new unified Oath Terms of Service and Privacy Policy which will explain how your data is used and shared. Learn More.