Facebook Beats Estimates in First Earnings

Though company lost $157M overall
By Kevin Spak,  Newser Staff
Posted Jul 26, 2012 3:42 PM CDT
This Wednesday, May 23, 2012, file photo, shows the pre-market price for Facebook at the Nasdaq MarketSite in New York.   (AP Photo/Mark Lennihan, File)

(Newser) – Facebook reported its first quarterly earnings since going public today, and though the company lost $157 million, or 8 cents per share, it performed better than analysts were expecting, Bloomberg reports. Facebook's total revenues rose to $1.18 billion on strong advertising sales, meaning that if not for "certain costs" profit would have been 12 cents a share. Analysts had expected about $1.16 billion in revenue.

The response has been mixed so far. Shares initially rose after the report, but then took a downward turn in after-hours trading, the Wall Street Journal reports. Indeed, CNBC tweeted that the stock had hit a new low of $25 per share. Facebook shares have not been a big hit on Wall Street, falling 29% since the company's much-ballyhooed IPO in May.

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