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.
Source: The Associated Press