Facebook's first-ever earnings came in on target Thursday, with revenue of $1.18 billion on profit of 12 cents a share.
Facebook posted a second-quarter loss of $157 million, or 8 cents a share. But on an adjusted basis, after accounting for restricted stock awards, the company posted a profit of 12 cents a share that matched Wall Street projections.
Analysts surveyed by Thomson Reuters had been expecting revenue of $1.15 billion on profit of 12 cents a share.
For the three months ended June 30, Facebook saw revenue increase 32% from $895 million in the year-earlier quarter.
Revenue from advertising totaled $992 million, which represented 84% of total revenue and a 28% increase from the same quarter last year.
Monthly active users were 955 million as of June 30, a 29% increase. Daily active users totaled 552 million on average for the month of June, a 32% year-over-year increase. Mobile monthly active users numbered 543 million as of June 30, a 67% increase.
“Our goal is to help every person stay connected and every product they use be a great social experience,” said Mark Zuckerberg, Facebook founder and chief executive. “That's why we're so focused on investing in our priorities of mobile, platform and social ads to help people have these experiences with their friends.”
Facebook released its earnings after the markets closed. During regular trading, shares ended the day down $2.50, or 8.5%, to $26.84. Shares began to fall in after-hours trading, plunging 9% at 1:27 p.m. PDT.
The Menlo Park, Calif., company will hold a conference call for analysts at 2 p.m. PDT.
Follow Andrea Chang on Twitter.Copyright © 2014, Los Angeles Times