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HindustanTimes Sun,20 Apr 2014

Facebook posts net loss of $157 mn

AP  San Francisco, July 27, 2012
First Published: 01:58 IST(27/7/2012) | Last Updated: 11:32 IST(28/7/2012)

Facebook is reporting stronger-than-expected revenue in the company's first earnings report since its rocky initial public offering two months ago. The offering some reprieve to worried investors.

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Facebook Inc. said on Thursday that it booked a net loss of $157 million, or 8 cents per share in the April-June period, mainly due to 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.

Revenue grew 32% to $1.18 billion from $895 million a year ago.

Adjusted earnings of $295 million, or 12 cents per share, matched Wall Street's expectations.

Analysts, on average had expected slightly lower revenue of $1.16 billion, according to FactSet.

Facebook's stock fell 5.5 percent to $25.37 in after-hours trading. 

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