Facebook’s first public quarter solid, but not liked
July 26, 2012 4:04PM
This June 20, 2012 photo shows a Facebook login page on a computer screen in Oakland, N.J. Facebook is expected to report their quarterly financial results after the market closes on Thursday, July 26, 2012. (AP Photo/Stace Maude)
Updated: February 6, 2013 11:42PM
Facebook is reporting stronger-than-expected revenue in the social media company’s first earnings report since its rocky initial public offering two months ago.
But investors weren’t impressed and after a brief spike, its stock tumbled nearly 9 percent in after-hours trading.
Facebook Inc. said Thursday that it booked a net loss of $157 million, or 8 cents per share in the April-June period, mainly because of stock-compensation expenses following its IPO. That compares with earnings of $240 million, or 11 cents per share, in the second quarter a year ago.
Revenue grew 32 percent to $1.18 billion from $895 million a year ago.
Adjusted earnings of $295 million, or 12 cents per share, matched Wall Street’s expectations.