CNN's Erin Burnett deconstructs Facebook's first earnings since going public.
Facebook earnings: Good, but not good enough
Facebook's shares plummeted to all-time lows in after hours trading after the company's first quarterly earnings report failed to wow investors.
Facebook did beat analysts' revenues expectations slightly and earnings matched forecasts, but that was apparently not enough for Wall Street.
Behind the numbers: Facebook is still posting strong growth. It generated $1.18 billion in second quarter revenues, up 32% from a year ago.
And while Facebook reported a net loss of $157 million due mainly to $1.3 billion in compensation expenses tied to stock-based compensation following the IPO, the company did generate a profit of 12 cents per share when excluding those costs.
Analysts were expecting sales of $1.15 billion and earnings (backing out the compensation charges) of 12 cents per share.