Facebook shares hit new low after first earnings report since IPO

London, July 28 (ANI): Shares of social media giant Facebook fell to a new low after the company reported a loss of almost $50 billion in market value since it went public, according to a report. The shares, which traded at $38 a share, fell 11 percent to close at $23.7 in New York as Wall Street weighed in on the company’s slowdown in growth, the Telegraph reported. According to the newspaper, while Facebook’s debut second-quarter results beat expectations, the social network’s sales growth has weakened. The company had admitted before the listing that it had not yet found a way to generate significant advertising revenue from mobile screens. According to the newspaper, its second-quarter results highlighted that the company’s growth came from users, which grew 67 percent to 543 million by June 30. Meanwhile, the company’s advertising revenue rose 28 percent to $992 million during the quarter. (ANI)