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Facebook's first public quarter proves solid

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

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.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


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