Facebook plunges to quarterly loss of $350.6 m: Report

London, July 15 (ANI): Social network site Facebook has reportedly plunged to a quarterly loss of 350.6 million dollars due to payouts associated with its much-hyped stock market flotation in May, figures have revealed.

According to Wall Street analysts, Facebook will post a net loss for the second quarter, compared with the 137 million dollar profit it made in the first three months of the year and will present its debut set of results as a listed company a week on Thursday.

In the prospectus to its Nasdaq initial public offering, which was hit by technical glitches, Facebook stated that it expects to record a second-quarter loss due to payouts it had to make to its early investors, staff and key stakeholders, including founder Mark Zuckerberg, as part of its flotation, the Daily Express reports.

Analysts claim that Facebook will post a net loss for the second quarter, compared with the 137 million dollars profit it made in the first three months of the year and expect the firm to post second-quarter revenues of 1.15 billion dollars, compared with the 1.06 billion dollars, it registered for the preceding quarter. (ANI)