Facebook stock hits new low of $24 after its first earnings report

Facebook’s stock fell 11 percent in after hours trading this afternoon, reaching a new low of $24, after the social network reported earnings for the first time as a public company.

Facebook barely exceeded Wall Street’s expectations with $1.18 billion in revenue and earnings per share of $0.12 for the second quarter. The company reported a net loss of $157 million, attributed to its share-based compensation plan. At the time of this post, Facebook’s stock was down 10 percent at $24.15.

The dip isn’t too shocking for Facebook’s stock, given how tumultuous it’s been so far. After going public at $42, Facebook’s stock closed at $38.37 on its first day of trading. The stock eventually fell to $33 on its second day. It certainly didn’t help that Nasdaq couldn’t keep its systems afloat during Facebook’s debut. Eventually, it became apparent that Facebook panicked and botched its IPO, as we’ve reported in-depth.

It’s not all doom and gloom for Facebook though: The company reported today that it has reached 955 million monthly active users — tantalizingly close to the coveted 1 billion figure. 543 million of those users access the site from mobile devices, a statistic which has no chance of slowing down anytime soon.

Photo via Shutterstock