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Facebook blames IPO costs for net loss of $157 million


The social network posted a revenue rise of 32 percent taking quarterly turnover to $1.18 billion

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Facebook recorded a net loss of $157 million (£99.89 million) for its first quarter as a public company, blaming the loss on costs for its initial public offering in May, the social network said.

The company reported a 32 percent rise in revenues boosting turnover to US$1.18 billion and slightly beating analysts' expectations. Facebook recorded a $240 million profit in the same quarter of last year.

Analysts polled by Thomson/First Call expected $1.15 billion in revenue. Adjusted for one-time expenses, earnings per share were in line with analysts' expectations at US$0.12. Those earnings are based on an adjusted net income figure of $295 million, slightly increased from adjusted net income of $285 million in the same quarter of 2011.

As expected, mobile users were the growth highlight for the company, increasing 67 percent year-over-year to 543 million as of June 30. Monthly active users were up 29 percent to 955 million, while daily active users were up 32 percent to 552 million on average.

Advertising revenue accounted for 84 percent of the total take at $992 million, up 28 percent year over year. Payments and other fees revenue were $192 million in the quarter.

 

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Facebook blames IPO costs for net loss of $157 million
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