New York, June 27 (FinanceEnquiry.com) – In after hours trade, after Facebook (NASDAQ: FB) reported its first quarterly results since its IPO in May, the shares of the company fell 11%. As a public company, the first earning report has solid number, however, in the end it did not perform well.
On Thursday, Harvard-born company reported a gain in user numbers and stronger-than-expected revenue. However, it failed to impress the investors as the revenue growth has slowed and the stock tumbled more than 10 percent to $24.10 in after-hours trading. The decline indicates that the stock of the company to open at its lowest since its floatation.
The revenue of Menlo Park, California-based company almost tripled between 2009 and 2010. Revenue jumped 44 percent during the first quarter of 2012. Whereas during second quarter, the revenue climbed 32 percent to $1.18 billion as compared to $895 million previous year. The results stood ahead of analysts’ expectations.
The number of Facebook user have grown over the time and has reached 1 billion. As compared to previous year, the number of users have increased 29 percent. The company had 955 million active monthly users as of June 30. It had 901 million users by the end of first quarter.
Due to compensation expenses Facebook incurred when it paid $1.3 billion in restricted stock and related taxes for employees as part of the IPO, Facebook has posted a loss of $157 million in the April-June period.
According Facebook, the company’s revenue from advertising summed up to $992 million which means that it is up from 28 percent as compared to the previous year. This amounts to 84 percent revenue of the company whereas the rest of the revenue comes from payments and other fees that the company makes from the apps.
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