News Summary: Facebook drops on 1st public quarter

The Associated Press
This June 20, 2012 photo shows a Facebook login page on a computer screen in Oakland, N.J. Facebook is expected to report their quarterly financial results after the market closes on Thursday, July 26, 2012. (AP Photo/Stace Maude)

A DISAPPOINTMENT: Facebook's first earnings report as a public company had some solid numbers, but it landed with a thud — much like its rocky initial public offering two months ago.

SHARES DOWN: Its stock fell more than 11 percent, or $2.99, to $23.85 in after-hours trading. The decline means Facebook's stock will likely open Friday at its lowest level since going public.

REVENUE UP: Facebook Inc.'s revenue increased 32 percent to $1.18 billion from $895 million a year earlier. That beat the $1.18 billion that analysts had expected according to FactSet. But not by enough to impress investors.