Facebook has announced a net loss of $157m (£100m) in its first earnings report since becoming a public company.
Facebook Inc said the net loss was equivalent to eight cents per share between April and June, mainly due to stock compensation expenses following its initial public offering.
That compares with earnings of $240m (£153m), or 11 cents per share, in the second quarter a year ago.
However, the company's first quarterly results since its rocky debut on the Nasdaq stock exchange two months ago, were not as bad as expected.
Sky's technology correspondent Katie Stallard said: "It sounds bad - $157m (£100m) net loss, It's not as bad as they were expecting.
"This quarter they have had to pay off all of the early investors, so they were actually expecting a possibly more than $600m (£382m) loss. So, although it's a loss, it's quite substantially better than they were expecting."
The company reported revenue grew 32% to $1.18bn ($750m) from $895m (£570m) a year ago.
More to follow...
