Facebook's chairman loses $5.6 billion between the company's May 18 IPO at a $38 stock price and its June 4 close at $26.90. Some analysts predict an even further slide.
Facebook posted quarterly earnings that neither thrilled or depressed investors, who were reacting by bidding shares a few pennies higher in the after-hours session on Wall Street.
During the first quarter, the world’s dominant social network posted $1.5 billion in revenue, up from $1.1 billion in the same quarter a year ago. Profit rose to $219 million from $205 million last year.
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The company said that mobile ads — always a closely watched metric of Facebook’s potential — accounted for 30 percent of its advertising revenue during the quarter, up from 23 percent in the fourth quarter.
Analysts liked the mobile number, but were saying Wednesday that profit was shy while revenue was above expectations.
“We’ve made a lot of progress in the first few months of the year,” said Mark Zuckerberg, Facebook founder and CEO. “We have seen strong growth and engagement across our community and launched several exciting products.”
