Investors drop Facebook stock

Facebook shares dropped below $24 in after-hours trading on Thursday, losing 18% of its value. The stock debuted at $36 in May.

Facebook shares dropped below $24 in after-hours trading on Thursday, losing 18% of its value. The stock debuted at $36 in May. 

The company reported a revenue increase of 32% to $1.18 billion in the second quarter of 2012, compared with $895 million in the same period of the previous year. Analysts at Thomson Reuters predicted $1.1 billion in Facebook revenue in the quarter, while Bloomberg predicted revenue of $1.16 billion.

Analysts were skeptical of the social network's earnings this quarter because of the 29% drop in shares since the IPO two months ago. 

Since the earnings report, Facebook's stocks came in at an all-time low on Friday, dropping about 15% to less than $23, which is 40% below what the shares were during the public offering. 

On its operational front, Facebook reported high growth in mobile, increasing 67% in the second quarter, year-over-year. Daily users increased by 32% in the period, and the number of monthly users went up 29% compared to Q2 2011.  

CEO Mark Zuckerberg said in a statement that Facebook is going to focus on the "priorities of mobile, platform, and social ads," but some analysts seem skeptical of whether or not the ad push will benefit the company in coming months. 

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