The numbers weren’t terrible — but they still left investors cold. Facebook shares are down about 9% in early after-market trading. The company reported a Q2 net loss of $157M vs a $240M profit last year — before it went public — on revenues of $1.2B, +32.3%. The loss is largely attributable to accounting for stock based compensation; without that the earnings would be $295M, +3.5%. The revenue figure was a hair better than what analysts projected. And earnings per share at 12 cents were right on target. But it seems that lots of investors believed that Facebook would beat expectations, in the theory that execs were steering analysts to set the bar low. Last night’s startlingly disappointing results from Zynga, which makes some of Facebook’s most popular games, also put the Street on alert. Facebook says that ad sales in Q2 came in at $992M, +28%. Payments and fees were $192M, but the company provided no comparison number. Expenses rose 295% to $1.93B due to share-based compensation expenses. “Our goal is to help every person stay connected and every product they use be a great social experience,” CEO Mark Zuckerberg says. “That’s why we’re so focused on investing in our priorities of mobile, platform and social ads to help people have these experiences with their friends.”

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