Facebook boosts revenue by 32 percent in first public financial report

©IDG Communications, Inc. Photo contributed by Matthew Mikaelian.

IDG News Service (San Francisco Bureau)

SAN FRANCISCO – Facebook boosted revenue by 32 percent in its first earnings report as a public company, bringing in US$1.18 billion and topping analysts’ expectations slightly. The company blamed its net loss of $157 million for the quarter that ended June 30 on the fact that after its IPO, it recognized $1.3 billion of share-based compensation and related payroll tax expenses. Facebook had a $240 million profit in the same quarter of last year.

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