Friday, July 27, 2012

Facebook's £100m Loss Sends Shares Plummeting by 16.5 % on opening


Facebook's share price has taken a massive tumble after it announced a net loss of $157m (£100m) in its first earnings report since becoming a public company.

Facebook shares fell 16.5% when the Nasdaq opened on Friday - hitting a record low of just over $22 (£15).

The value is a far cry from the initial public offering (IPO) price of $38 (£24).

The company said the net loss was equivalent to eight cents per share between April and June, mainly due to stock compensation expenses following its initial public offering. Read More