Company's first quarterly report meets expectations, reveals $157m loss

Facebook follows Zynga in stock market crumble

Facebook took a beating on the stock market today, following slightly better than expected earnings that failed to wow investors.

As its single biggest earner, Zynga, took a similar dive, the social network’s share price fell to a new low of $24 in after hours trading.

The reported Q2 earnings of $1.18 billion was slightly above expectations, but those had already been lowered prior to the launch of the company’s IPO.

A net loss of $157 million for Facebook’s first ever earnings report has not reassured investors, who have been skittish ever since the disasterous IPO.

With Zynga’s stock quivering at $3.03 cents, the closely connected companies are in quite a pickle despite both showing significant growth during the year.

About MCV Staff

Check Also

nDreams announces new AAA and core VR studio, Studio Elevation

UK studio nDreams set to open new hybrid-working studio this year to create new AAA and core VR titles