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by JumpCrisscross 4523 days ago
The stock fell 18% because "monthly active users" grew "less than 4 per cent...between the third and fourth quarters," with US user growth at just "3 per cent quarter-on-quarter". "Facebook," by comparison, "increased its user numbers at the same 4 per cent rate from a much larger base in the same period" [1]. The GAAP loss highlighted is due to one-off accounting charges related to stock compensation.

Note that revenues came in 4% above expectations and 110% higher than last year's.

[1] http://www.ft.com/cms/s/0/a1ecfc6e-8eab-11e3-b6f1-00144feab7...
1 comments
minimax 4523 days ago
They actually mentioned the stock-based compensation and it's impact on GAAP profitability in their S-1.

Following the completion of this offering, the stock-based compensation expense related to Pre-2013 RSUs and other outstanding equity awards will have a significant negative impact on our ability to achieve profitability on a GAAP basis in 2013 and 2014.

http://www.sec.gov/Archives/edgar/data/1418091/0001193125134...

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