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Facebook stock hits another low after 2Q earnings

NEW YORK (AP) - Another day, another all-time low for Facebook's stock.
The Associated Press

Another day, another all-time low for Facebook's stock.

The stock lost 83 cents, or 3.8 percent, to close Wednesday at $20.88. It is 45 percent below its initial public offering price of $38. Shares briefly hit $20.84 during the day. The previous low was $21.61, reached Tuesday.

The stock has been falling since Facebook released quarterly earnings last Thursday for the first time as a public company. Investors were disappointed despite second-quarter results meeting Wall Street expectations, with revenue one-third higher than last year.

Facebook began trading publicly in mid-May following one of the most anticipated stock offerings in history. But since then, investors have been concerned about its ability to keep increasing revenue and make money from its growing mobile audience. Many analysts hold positive long-term views.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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