Facebook reported stronger-than-expected revenue and a gain in user numbers Thursday. But investors weren't impressed and after a brief spike, its stock fell more than 10 percent, or $2.74, to $24.10 in after-hours trading. The decline means Facebook's stock will most likely open at its lowest level since going public.
It's another big disappointment for the Harvard-born company that was supposed to usher in the next Internet boom.
"They didn't break any banks,'' said Debra Aho Williamson, an analyst at research firm eMarketer. "They did not come out any better than anybody had expected.''
What may have rattled investors is that Facebook's revenue growth has slowed. Between 2009 and 2010, the company's revenue nearly tripled. In the first quarter