MENLO PARK, Calif., July 27 (UPI) -- Facebook shares closed at a record low Friday after its first quarterly report as a public firm indicated revenue growth had slowed.
Shares closed down 11.7 percent to $23.70, off $3.14 on the day on the Nasdaq stock exchange.
Facebook said its revenue was up 32 percent to $1.18 billion but that rate was slower than in the company's recent past.
The company also said operational costs had soared -- up 300 percent to $1.93 billion compared to 2011.
After the firm's report was released, stocks went higher, the Los Angeles Times reported. But stocks began falling, reaching a low of $22.28 Friday, before rising again.
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TEL AVIV, Israel, May 17 (UPI) --Nobel Energy of Houston, which discovered Israel's big gas fields in the eastern Mediterranean, is pressing the government to decide soon on an energy export policy as the prospect of an undersea pipeline to Turkey gains credibility.