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Friday, 27 July 2012 - Facebook revenue growth skids, shares plunge |
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      Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Home Business Business Home Economy Technology Media Small Business Legal Deals Earnings Social Pulse Business Video The Freeland File Aerospace & Defense Markets Markets Home U.S. Markets European Markets Asian Markets Global Market Data Indices M&A Stocks Bonds Currencies Commodities Futures Funds peHUB World World Home U.S. Brazil China Euro Zone Japan Mexico Russia India Insight World Video Reuters Investigates Decoder Politics Politics Home Election 2012 Campaign Polling Tales from the Trail Political Punchlines Supreme Court Politics Video Tech Technology Home MediaFile Science Tech Video Tech Tonic Social Pulse Opinion Opinion Home Chrystia Freeland John Lloyd Felix Salmon Jack Shafer David Rohde Bernd Debusmann Nader Mousavizadeh Lucy P. 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See the best of Reuters photography.  See more | Photo caption  Flashback: Beijing A look back at the opening ceremonies of the 2008 Olympic Games in Beijing, China.  Slideshow  My name is ... What their moms named these famous singers.  Slideshow  Facebook revenue growth skids, shares plunge Tweet Share this Email Print Related News CORRECTED-UPDATE 4-Facebook revenue growth skids, shares plunge Thu, Jul 26 2012 Draghi-sparked rally helps S&P break losing streak Thu, Jul 26 2012 Facebook shares pressured by Zynga ahead of results Thu, Jul 26 2012 Zynga shares slump on fading "Farmville" fortunes Thu, Jul 26 2012 Zynga takes axe to outlook, spooks Facebook investors Wed, Jul 25 2012 Related Topics Tech » Hot Stocks » Asian Markets » Media » iPad » Facebook » Monitors show the value of the Facebook, Inc. stock during morning trading at the NASDAQ Marketsite in New York in this file photo taken June 4, 2012. Credit: Reuters/Eric Thayer/Files By Alexei Oreskovic and Gerry Shih SAN FRANCISCO | Thu Jul 26, 2012 10:28pm EDT SAN FRANCISCO (Reuters) - Facebook Inc reported a drastic slowdown in revenue growth and offered no financial forecasts to ease worries over the prospects for boosting advertising in its first earnings report as a public company, sending its shares to a record low. Facebook executives pointed to early signs of success in new advertising services, but the lack of a detailed financial outlook went over poorly with investors hoping for evidence that the company could soon reverse the continuing slowdown in its business. "The question is, do you get a re-acceleration in the business at some point?" said Oppenheimer & Co analyst Jason Helfstein. "Because they didn't give you guidance, you're going to have to wait to find out what happens." Shares of Facebook, which have shed a third of their value since their haphazard May debut at $38, broke below $24 in frenzied after-hours trading. The social networking pioneer was the first American company to debut with a market value of more than $100 billion. Mark Zuckerberg, the 28-year-old chief executive who created Facebook in his Harvard dorm room, said the company was seeing encouraging results from newly introduced advertising services and that Facebook now has a "clear path" to building a strong mobile business. "Mobile is a huge opportunity for Facebook," said Zuckerberg, noting that the company was investing "very heavily" in improving its mobile apps. The company, which competes with established Web companies such as Google Inc and Yahoo Inc, said its capital expenditures more than tripled to $413 million in the second quarter. Facebook's finance chief also said operating expenses in the second half of the year would increase significantly compared with the rate in year-ago period. "At this early stage of our growth, investment is a top priority as opposed to managing for a target margin," said CFO David Ebersman. Facebook posted a net loss of $157 million, or 8 cents a share, in the second quarter after taking hefty stock compensation charges related to its IPO. That compared to net income of $240 million, or 11 cents, in the year-ago quarter. Excluding the charges, Facebook said it earned 12 cents a share, in line with Wall Street's forecast. RISING AD PRICES Facebook has raced through eight years of break-neck growth that was to have culminated with its May initial public offering. Instead, its share price has headed south as investors questioned its valuation of more than 50 times earnings and its longer-term ability to sustain growth as users migrate to mobile devices. Monthly active users grew to 955 million at the end of the second quarter, up from 901 million at the end of March. But mobile monthly active users surged 67 percent year-on-year to 543 million users, adding further pressure on Facebook's business, which only recently began to offer limited forms of mobile advertising. Facebook's Ebersman noted that advertising "impressions" lagged user growth during the second quarter but that new social ads, which appear directly in Facebook users' "newsfeeds", were driving up ad rates. The average price of a Facebook ad increased 9 percent during the quarter, Ebersman said, driven primarily by the United States where rates jumped 20 percent with the company's newly released social ads. "It's a positive, but it's still early," said Ken Sena, an analyst with Evercore Partners, about the performance of Facebook's new ads. "We won't likely be seeing much material impact any time soon," he said. The stock price is also likely to come under further pressure, Sena warned, from the imminent expiry of a stock lockup imposed on many Facebook employees after the IPO. That could bring a flood of new shares to the market. A CHALLENGE ANEW Facebook reported revenue increased 32 percent in the second quarter to $1.18 billion, a hair above the average analyst forecast of $1.15 billion according to Thomson Reuters I/B/E/S. Facebook's growth rate in the second quarter was the slowest since the first three months of 2011, the earliest period for which the company has disclosed information about its revenue growth. "They beat, but the Street was looking for more and that's why I think shares turned lower after an initial bounce," said Michael Matousek, a senior trader at U.S. Global Investors Inc, which manages about $3 billion. "The big question with the stock is how it will monetize its billion or so users. A lot of people think they can't convert those users to money. On Wednesday, social games leader Zynga - which accounts for over one-10th of Facebook's revenue and faces the same challenge of earning off mobile users - stunned investors after slashing its 2012 earnings forecasts. That helped wipe 9 percent off Facebook's value during regular trading on Thursday. Zynga and Facebook were among a bevy of hot tech prospects that went public in 2011 on the back of renewed dot-com mania gripping Wall Street. They, along with fellow 2011 debutante Groupon Inc, have since gone into a tailspin. Zuckerberg, who owns just north of half a billion shares, saw $2.7 billion of his paper wealth evaporate on Thursday, taking into account the after-hours dive. Goldman Sachs, lead adviser on the IPO and the largest institutional shareholder with 41.6 million shares or a 6.6 percent stake, shed $222 million. Fidelity, the largest U.S. fund, which owns 19.8 million shares, saw $106 million go up in smoke. Executives told analysts on a conference call that Facebook aimed for closer integration with popular gadgets such as Apple Inc's iPad and iPhone but Zuckerberg dismissed widespread reports that it would design its own smartphone. (Writing by Edwin Chan; Editing by Bernard Orr and Edmund Klamann) Tech Hot Stocks Asian Markets Media iPad Facebook Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints   We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (10) Dave1968 wrote:   Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter   Facebook   LinkedIn   RSS   Podcast   Newsletters   Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us   Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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