Business & Tech
Investors Disappointed in Facebook
Menlo Park-based social media company reports losses.
Facebook Inc. reported earnings Thursday that encouraged investors to shed themselves of stock during after-hours trading.
Two months after the social company went public, the price of it’s stock has shrunk to $26.84 per share, down from $38. During after-hours trading, that price went down to about $24.
Adjusted profits this quarter were $295 million, or 12 cents per share. Last year, the company made $240 million, which equates to 11 cents a share, in the same quarter.
The company reported revenue of $1.8 billion. However, it also reported a net loss of $157 million, or 8 cents per share.
For analysis of this issue, visit this article on nytimes.com
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