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Facebook's first quarterly results beat expectations

(Xinhua)

08:27, July 27, 2012

Facebook on Thursday reported its first-ever quarterly results as a public company with revenue slightly beating forecasts.

According to the California-based company, its second-quarter earnings per share, excluding certain items, was 12 cents, and its revenue was 1.18 billion U.S. dollars.

Analysts surveyed by Thomson Reuters had expected Facebook to report 12 cents in earnings per share on 1.15 billion dollars in revenue.

The social networking giant has been a major disappointment for investors after its highly anticipated initial public offering ( IPO) in May.

On Thursday, Facebook's shares closed at 26.84 dollars, far below the 38-dollar price when the company's IPO set its market value at a record 104 billion dollars.

Also on Thursday, Facebook's stock was down more than five percent, after Zynga, a social network games company Facebook is heavily dependent on, reported far-worse-than-expected quarterly earnings on Wednesday.

Last year, Facebook said nearly 20 percent of its revenue came from advertising related to Zynga and fees it charged Zynga for selling virtual goods.

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