Facebook’s Earnings Surpass Expectations

Zef Nikolla, Nasdaq / AP Photo

Facebook CEO Mark Zuckerberg rang the Nasdaq opening bell from Facebook headquarters on the day of its IPO on May 18.

After its disastrous initial public offering two months ago, Facebook finished its first quarter on relatively solid ground, reporting earnings that surpassed analysts' expectations. The social media company booked a net loss of $157 million, or 8 cents per share from April-June, with most of the losses paid out in stock compensation following the IPO. Its total first-quarter earnings of $295 million, or 12 cents per share, matched Wall Street’s initial expectations, though the company’s stock still fell 9 percent in after-hours trading. Facebook Inc.’s revenue grew 32 percent over the past year, from $895 million to $1.18 billion.