Facebook records third-quarter losses

The social network, Facebook, have suffered losses of 59 million dollars (45 million Euros) in the third quarter, compared with profit of 227 million in the same period last year, due to heavy tax provisions relating to the
payment of remuneration in shares. 

However, the company’s revenues grew 32% in the third quarter to 1,262 million dollars (about 963 million), slightly exceeding Wall Street expectations, so stocks rose strongly in markets after hours.

The network in the quarter exceeded 1,000 million monthly active users, up from 26% in one year.

"Just as I am proud that 1,000 million people use Facebook every month, I am also happy that over 600 million people now log into and use Facebook every month through mobile devices," the founder and chief of Facebook, Mark
Zuckerberg, who believes that those who are connected to the social network maintain a stronger connection, was quoted as saying.

Efficient use of Facebook on mobile is one of the greatest challenges faced by the company and they look set to take necessary steps to achieve the impossible as they are expecting 14% of the advertising revenue through mobile.

Overall, third quarter revenues have exceeded expectations with growth of 32% to 1,262 million dollars, which would have been 38% had they not suffering exchange losses in several part of Europe.

The company ended September with a position and cash equivalents 10,500 million.

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Posted by Farasat Ali on Oct 24 2012. Filed under Sci-Tech. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry