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Facebook posts loss in first quarterly earnings report

Updated at 4:30 p.m. ET: Facebook reported a net loss Thursday in its first quarterly report as a public company although revenues surged to nearly $1.2 billion, 32 percent over year-ago levels.

The social networking giant posted a net loss of $157 million, or 8 cents a share, largely due to expenses related to its May 17 public offering. Excluding the special charges, Facebook said it earned 12 cents a share, in line with Wall Street expectations.

Excluding share-based compensation and related payroll tax expenses, Facebook said operating income for the second quarter was $515 million, compared with $477 million for the second quarter of 2011.

In a brief statement, CEO Mark Zuckerberg said the company was focused on "mobile, platform and social ads." The company was expected to offer more guidance in a webcast at 2 p.m. PT (5 p.m. ET).

Facebook said it had 955 million monthly active users, up from 901 million users at the end of March. The company generated 84 percent of its revenue, or $992 million, from advertising. The total was up 28 percent from the year-earlier quarter.

Facebook shares, which have yet to regain their $38 offering price, fell $2.50 to $26.84 Thursday before the earnings release. Facebook shares were hit by the poor earnings performance of gaming company Zynga, a close partner of Facebook's.

Facebook went public in a massively hyped IPO that was widely seen as a failure, both because of technical glitches and because the price set by underwriters failed to hold, leaving behind legions of new, unhappy investors. 

Facebook shares reportedly rose in after-hours trading.