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Business

Facebook revenue stronger than expected

Text by News Wires

Latest update : 2012-07-26

Facebook announced stronger than expected results on Friday after a tumultuous first two months as a public company, reassuring concerned investors over the future of the social media giant.

AFP - Facebook is reporting stronger-than-expected revenue in the company’s first earnings report since its rocky initial public offering two months ago, offering some reprieve to worried investors.

Facebook Inc. said Thursday that it booked a net loss of $157 million, or 8 cents per share in the April-June period, mainly due to 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. Analysts, on average had expected slightly lower revenue of $1.16 billion, according to FactSet.

Facebook’s stock fell 5.5 percent to $25.37 in after-hours trading.

Date created : 2012-07-26

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