Facebook narrows loss in Q3 as revenues gain
Published on Oct 24, 2012 5:56 AM
NEW YORK (AFP) - Facebook reported on Tuesday a strong rise in quarterly advertising revenues and said its take from mobile users was gaining as it beat analysts' earnings forecasts.
The world's leading social network, with more than a billion users, impressed weary investors in its second-ever quarterly report as a public company, sending its shares climbing more than eight percent in after-hours trade to around US$21.14.
The company booked a second consecutive quarterly loss, of US$59 million in the third quarter, weighed down by accounting rules requiring it to set aside reserves for stock compensation.
Excluding those costs, net earnings were a positive US$311 million and earnings per share hit 12 cents, one cent above analyst expectations.
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