Facebook shares hit new low on first earnings report since IPO
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London, July 28 (ANI): Social networking giant Facebook's shares sank to a new low after the firm reported a loss of almost 50 billion dollars in market value since floating, according to a report.
The shares, sold at 38 dollars each tumbled 11 percent to close at 23.7 dollars in New York, as Wall Street digested the company's slowing growth, the Telegraph reports.
According to the paper, although Facebook's debut second-quarter results beat xpectations, the social network's sales growth eased.
The company admitted before its flotation that it had not yet found a way to generate significant advertising revenues from mobile screens.According to the paper, its second-quarter results underlined that the company's growth is coming from users, with the number climbing 67pc to 543m by June 30.Meanwhile, the firm's advertising revenues rose 28 percent to 992 million dollars during the quarter. (ANI)
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