Market Commentary and Intraday News
News Summary: Facebook drops on 1st public quarter
302 days ago
By The Associated Press
A DISAPPOINTMENT: Facebook's first earnings report as a public company had some solid numbers, but it landed with a thud _ much like its rocky initial public offering two months ago.
SHARES DOWN: Its stock fell more than 11 percent, or $2.99, to $23.85 in after-hours trading. The decline means Facebook's stock will likely open Friday at its lowest level since going public.
REVENUE UP: Facebook Inc.'s revenue increased 32 percent to $1.18 billion from $895 million a year earlier. That beat the $1.18 billion that analysts had expected according to FactSet. But not by enough to impress investors.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.