Facebook shares slump 10% after Q2 loss

Facebook shares fell 10% in after-hours trading after the company revealed a second quarter loss of $157m as revenue growth slowed.

In its first report as a public company, Facebook said costs relating to the group's recent initial public offering weighed on earnings. Costs near tripled to $1.93bn, largely driven by the cost of share-based compensation and related taxes. Shares dropped to $23.84 in after-hours trading, down 37% on the company's issue price of $38 at the time of its IPO in May. The stock had already fallen 8.5% yesterday as social gaming peer Zynga reported poor reults. Facebook's revenue rose by 32% year-on-year for the second quarter to reach $1.2bn, in line with estimates but down on the 45% gro...