NEW YORK — Facebook’s stock hit a new low Friday after it reported lukewarm second-quarter results and didn’t give an outlook for the coming months.
The stock fell $2.88, or nearly 11 percent, to $23.97 in afternoon trading Friday, after earlier trading as low as $22.28.
Facebook Inc.’s initial public offering of stock priced at $38, and its low had been $25.52, hit June 6. The stock is now about 37 percent below its IPO price.
Facebook issued its first financial report as a public company after the market closed Thursday. The company reported slightly stronger-than-expected revenue and a gain in user numbers, but investors weren’t impressed.
Although revenue grew 32 percent in the second quarter, growth has slowed from earlier this year and from previous years.