Facebook Earnings Hit Target; Stock Hits All-Time Low in After Hours
www.StockMarketFunding.com Facebook Earnings Hit Target; Stock Hits All-Time Low in After Hours (VIDEO). Facebook reported quarterly earnings that matched Wall Street's expectations and revenue that slightly beat forecasts on Thursday. After the earnings announcement, the company's shares (FB) initially rose then pulled back in trading after the closing bell. (Click here to get the latest quotes for Facebook.) The company posted second-quarter earnings excluding items of 12 cents per share on revenue of $1.18 billion. Analysts had expected the company to report earnings excluding items of 12 cents a share on $1.15 billion in revenue, according to a consensus estimate from Thomson Reuters. During regular-hours trading, Facebook shares fell 8 percent ahead of its earnings results. The drop-off is partially due to the grim outlook from game development company Zynga whose games such as "FarmVille" and "CityVille" made up 12 percent of Facebook's revenue last year. Zynga's stock (ZNGA) plummeted after its dim outlook prompted several analyst downgrades and questions about its long-term relevance. This is Facebook's first earnings report since its botched initial public offering in late May. During its first day of trading, Facebook saw its debut marred by Nasdaq glitches that delayed trading. Since then, the stock has slid from its $38 initial offering price.
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