Facebook skids on slower growth

July 27, 2012 at 6:14 PM

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.

Related UPI Stories
Latest Headlines
Trending Stories
American Apparel files for Chapter 11 bankruptcy
Womb transplants begin in U.K. after Sweden's success
Gay Vatican priest comes out day before Pope Francis begins synod on family issues
Scientists find roadmap that may lead to 'exercise pill'
Nobel Prize in medicine awarded to parasitic disease scientists