The following is an excerpt from SUSANNA KIM | July 26, 2012 | abcnews.go.com |
Facebook (Nasdaq: FB), after its disastrous initial share offer in May, issued its first earnings report as a public company today, barely topping analyst expectations for sales at $1.184 billion and meeting profit estimates. But the share sell-off continued as investors worried about slowing growth.
“Our goal is to help every person stay connected and every product they use be a great social experience,” Mark Zuckerberg, Facebook founder and CEO, said in a statement. “That’s why we’re so focused on investing in our priorities of mobile, platform and social ads to help people have these experiences with their friends.”
The company’s shares closed Thursday at $26.84, down 8.5 percent and some 26 percent below its offer price back in May. They briefly surged today in aftermarket trading to more than $29 then dropped again, to an all-time low of $25.50.
Facebook said profit was 12 cents a share after certain costs including a large payout to insiders from its IPO.
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