Facebook Belly-Flops Into its First Earnings ReportBy
To Wall Street, at least, Facebook just belly-flopped its first earnings report as a public company. The social network reported second-quarter revenues of $1.18 billion, up 32 percent from the same quarter last year, narrowly beating analyst estimates. But marketing and sales expenses quadrupled to $392 million, share-based compensation swelled, and margins fell from 53 percent a year earlier to 43 percent. Wall Street hated a lot of that, pummeling an already bruised stock. At one point during after-hours trading, the stock hit $23.75, an all-time low.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- Billionaire Tom Barrack Throws Harvey Weinstein a Lifeline
- Everything Is Crazy and the Markets Aren’t Freaking Out
- Facebook Is Looking for Employees With National Security Clearances
- Kushners’ Control of Family’s NYC Crown Jewel Is Now in Jeopardy
- London House Prices Fall Most Since Financial Crisis