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Facebook New Stock Low $24---Facebook stock hits new low of $24: Shares in Facebook fell sharply in after-hours trading Thursday, despite the social network giant's posting of an adjusted quarterly profit of 12 cents per share that matched analysts forecasts in its first earnings report as a public company.
The earnings were what analysts, on average, had expected.
Its revenue grew 32 per cent to $1.18 billion US from $895 million a year ago.
That was slightly better than the consensus forecast of $1.16 billion, according to a survey by FactSet. In all of 2011, it had net income of $1 billion and revenue of $3.71 billion, according to regulatory filings.
Facebook reported after the market close Thursday. In extended trading, its shares initially rose, but soon reversed direction and were down almost nine per cent to $24.50, reaching a new low.
"Growth is still at the low end of acceptable," independent technology analyst Carmi Levy told CBC News.
"We still don't know whether or not this is a one-trick pony, or if Facebook really has a plan to drive consistent growth quarter after quarter."
The company said it booked a net loss of $157 million, or eight cents per share. in the April-June period after factoring in stock compensation expenses following its IPO.
That compares with earnings of $240 million, or 11 cents per share, in the second quarter a year ago.
Read more: http://ca.news.yahoo.com/facebooks-1st-earnings-report-doesnt-disappoint-204922527--finance.html
The earnings were what analysts, on average, had expected.
Its revenue grew 32 per cent to $1.18 billion US from $895 million a year ago.
That was slightly better than the consensus forecast of $1.16 billion, according to a survey by FactSet. In all of 2011, it had net income of $1 billion and revenue of $3.71 billion, according to regulatory filings.
Facebook reported after the market close Thursday. In extended trading, its shares initially rose, but soon reversed direction and were down almost nine per cent to $24.50, reaching a new low.
"Growth is still at the low end of acceptable," independent technology analyst Carmi Levy told CBC News.
"We still don't know whether or not this is a one-trick pony, or if Facebook really has a plan to drive consistent growth quarter after quarter."
The company said it booked a net loss of $157 million, or eight cents per share. in the April-June period after factoring in stock compensation expenses following its IPO.
That compares with earnings of $240 million, or 11 cents per share, in the second quarter a year ago.
Read more: http://ca.news.yahoo.com/facebooks-1st-earnings-report-doesnt-disappoint-204922527--finance.html
