Facebook Posts First Quarterly Earnings, Stock Tanks 9% to New Low

Facebook reported their first quarterly earnings today. And while the social network didn’t actually fall below Wall Street’s expectations, the stock nonetheless took a steep dive, crashing nearly more than 9% to a new low below $25 per share. It’s now down less than 9%, trading just above $26 after hours.

Ad revenues are up 28% year-over-year on a quarterly basis. Total revenue was $1.18 billion, 84% of which came from ads.

Facebook now has 955 million active users, 552 million daily users, and 543 million mobile users. Founder and CEO Mark Zuckerberg says his company is investing heavily into mobile apps.

“Our goal is to help every person stay connected and every product they use be a great social experience,” said Mark. “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.”

Ads delivered on Facebook shot up 18% last quarter and as a result prices rose 9%. However, despite the boost in numbers, Facebook’s market cap has shrunk from well over $100 billion just two months ago to less than $60 billion today.

Even so, the social network went on a hiring spree. Facebook now has 4,000 employees, up 50% from a year ago.