Business/Finance

Facebook's first public quarter proves solid

Thursday, July 26, 2012

Facebook is reporting stronger-than-expected revenue in the company's first earnings report since its rocky initial public offering two months ago. The 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.

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