Sunday, July 21, 2024

Facebook Delivers an Earnings Letdown

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The New York Times: In Friday morning trading, Facebook’s stock fell to new lows following its first quarterly earnings report. The company reported revenue of $1.18 billion, up over last year’s $895 million. However, it posted a net loss of $157 million, or 8 cents a share. As a result, the stock slipped to $23 a share, a full 40 percent less than the company’s opening price of $38.

“Obviously we’re disappointed about how the stock is traded,” said Facebook CFO David Ebersman. “But the important thing for us is to stay focused on the fact that we’re the same company now as we were before.”

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