Zuckerberg faces up to a dip in Facebook fortunes
SOCIAL NETWORKING site Facebook reports its third quarter results tomorrow, minus the hype and hoopla that surrounded the July results when the market was still obsessing over the botched initial public offering.The company has said it did not violate any rules and that Nasdaq was to blame for trading glitches on the day of the offering.
In its inaugural earnings report since becoming the first American company to debut with a value of more than $100 billion, Facebook reported a net loss of $157 million for the second quarter after taking hefty stock compensation charges related to its IPO.
The focus this week will be on the social networking site’s revenues and earnings, but alarm bells have already started ringing in the last month with the lowering of the site’s 2013 earnings by several analysts.
The company, founded by Mark Zuckerberg, says more than a billion people are logging on to the site on a monthly basis, with 81 per cent of users located outside the US and Canada.