Facebook's first quarterly results beat expectations
Updated: 2012-07-27 09:13
Monitors show the value of the Facebook, Inc. stock during morning trading at the NASDAQ Marketsite in New York in this file photo taken June 4, 2012. [Photo/Agencies]
SAN FRANCISCO - Facebook on Thursday reported its first-ever quarterly results as a public company with revenue slightly beating forecasts.
According to the California-based company, its second-quarter earnings per share, excluding certain items, was 12 cents, and its revenue was $1.18 billion.
Analysts surveyed by Thomson Reuters had expected Facebook to report 12 cents in earnings per share on 1.15 billion dollars in revenue.
The social networking giant has been a major disappointment for investors after its highly anticipated initial public offering (IPO) in May.
On Thursday, Facebook's shares closed at 26.84 dollars, far below the 38-dollar price when the company's IPO set its market value at a record 104 billion dollars.
Also on Thursday, Facebook's stock was down more than five percent, after Zynga, a social network games company Facebook is heavily dependent on, reported far-worse-than-expected quarterly earnings on Wednesday.
Last year, Facebook said nearly 20 percent of its revenue came from advertising related to Zynga and fees it charged Zynga for selling virtual goods.