Facebook Shares Hit New Lows as Mobile, Growth Concerns Linger |
| Wall Street Journal - Jul 27, 2012 |
Facebook Inc. FB -10.67%shares on Friday traded at their lowest levels ever as the company continues its struggle to convince investors that it can leverage its immense popularity, especially on mobile devices, into revenue and profits.
In its first quarterly report, Facebook reported its slowest revenue growth in at least a year, a tripling of its costs and expenses, and a decline in some levels of user activity. Also, the company offered few specifics on future results and how it plans to profit from users spending more time on mobile devices, a trend that is less profitable for the social network.
"The lack of guidance and the well-publicized shift to mobile is weighing" on Facebook shares Friday, Oppenheimer analyst Jason Helfstein said. "Additionally, the company provided commentary suggesting higher [third quarter] expenses."
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- Posted: 2012-07-27 12:10:32
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