Friday, July 27, 2012

Facebook beat the Street’s estimates for its second quarter, but investors were apparently looking for more.

In after-hours trading, Facebook’s stock dipped below $24, a new low for the stock, which had made its debut in mid-May at a price of $38. Trading in afterhours fell more than 10% after a day in which the stock had already fallen 8.5%.

The battering comes a day after Zynga’s stock fell 40% in afterhours on Wednesday when the company posted a net income loss of $22.8 million.