MIAMI (CNET) – Facebook posted second-quarter earnings in line with Wall Street’s expectations — and so far that’s not good enough.
CBS-owned CNET reports that, in its first earnings report since going public in late May, Facebook posted a net loss of $157 million, or 8 cents a share. That compares to the year-earlier period, which found net income of $240 million, or 11 cents a share. Revenue came in at $1.2 billion, up from 32 percent a year ago.
On an adjusted basis, Facebook made 12 cents a share. While that was in line with what Wall Street had been looking for, the stock hit a new low during after-hours trading, falling to below $24 a share. That figure is down 37% from its May public launch at $38 a share.
“Our goal is to help every person stay connected and every product they use be a great social experience,” said Mark Zuckerberg, Facebook founder and CEO. “That’s why we’re so focused on investing in our priorities of mobile, platform and social ads to help people have these experiences with their friends.”
Here are some key details from the report:
- Monthly active users (MAUs) were 955 million as of June 30, 2012, an increase of 29% year-over-year.
- Daily active users (DAUs) were 552 million on average for June 2012, an increase of 32% year-over-year.
- Mobile MAUs were 543 million as of June 30, 2012, an increase of 67% year-over-year.
- Revenue from advertising was $992 million, representing 84% of total revenue and a 28% increase from the same quarter last year.
- Payments and other fees revenue for the second quarter was $192 million.
This earnings report comes just more than two months after Facebook’s ugly initial public offering (IPO), which easily became the largest Internet IPO in history when Facebook raised $16 billion.
It also became one of the messiest.
The stock, which many had hoped would return Wall Street to the go-go days of the 90s dot-com boom, has so far failed to deliver.