updated 04:46 pm EDT, Thu July 26, 2012
Profits meet Wall Street estimates
Facebook has released its second quarter financial results, posting $1.18 billion in revenue for the company's first disclosures since its May IPO. The vast majority of the company's revenue came from advertising, which fetched $992 million and marked a 28 percent increase over the same quarter last year.
The company posted a $743 million loss for the quarter, compared to a $407 million profit in the same period last year. The company was expected to outspend its income for the second quarter, as $1.3 billion in share-based compensation and payroll tax expenses was finally realized.
"Our goal is to help every person stay connected and every product they use be a great social experience," said Facebook founder and CEO Mark Zuckerberg. "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 social network new sees 955 million monthly active users (MAUs), a 29 percent year-over-year increase, while daily active users jumped by 32 percent to 552 million. Mobile active users showed the highest gains, rising 67 percent to 543 million.
The results generally matched or exceeded Wall Street expectations, however after-hours trades have already shaved 8.5 percent from the company's stock value.