Facebook Reports 3Q Net Loss Of $59M As Revenue Gains 32%

 @DavidZie on October 23 2012 4:33 PM
Zuckerberg
CEO Mark Zuckerberg Tuesday night explained growth for the company. Reuters

Facebook (Nasdaq: FB), the No. 1 social networking site, reported a third-quarter net loss of $59 million as revenue rose 32 percent to $1.26 billion. The Menlo Park, Calif., reported having more than a billion members.

Facebook’s performance on operations was profitable, though, although the $377 million operating profit was 9 percent below the year-prior’s $414 million. On an operating basis, there was a net gain of 12 cents a share, a penny ahead of the analyst estimates carried by Thomson Reuters.

“People who use our mobile products are more engaged,” said CEO Mark Zuckerberg. “And we believe we can increase involvement even further.”

The company also reported cash and investments exceeding $10.5 billion.

Shares of Facebook, down about 50 percent from their May initial public offering, jumped 10 percent after hours to $21.39, up $1.39.

 

 

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