Facebook’s Q2 earnings report disappoints Wall Street

Despite reporting better than expected quarterly earnings, Facebook took a beating on the stock market yesterday.

The reported Q2 earnings of $1.18 billion was slightly above expectations, but those had already been lowered prior to the launch of the company’s IPO.

A net loss of $157 million for Facebook’s first ever earnings report has not reassured investors, who have been skittish ever since the IPO earlier this year.

As its single biggest earner, Zynga, took a similar dive, Facebooks’s share price fell to a new low of $24 in after hours trading.

Zynga’s stock quivered at $3.03.

The closely connected companies are in quite a pickle despite both showing significant growth during the year.