Twitter
分享
TwitterBy Benjamin Pimentel, MarketWatch
SAN FRANCISCO (MarketWatch) — Facebook Inc. reported gains in adjusted earnings and revenues on Wednesday that beat Wall Street’s expectations, again pointing to solid traction in its mobile-advertising business.
Reuters
But the social network’s shares slipped more than 4% in after-hours trades. One analyst said some investors were expecting a “blowout” report that didn’t materialize, while the company itself broadcast plans to spend heavily in the coming year on recruiting talent to build up its business.
Facebook FB +1.46% closed the regular session up 1.5% at $31.24. The stock has surged more than 60% since its last earnings report.
“I’m surprised the stock is off at all,” Wedbush analyst Michael Pachter told MarketWatch. “Every metric, except maybe spending, looks good.”
The company reported a fourth-quarter profit of $64 million, 3 cents share, compared with a profit of $205 million or 14 cents a share for the year-earlier period. Revenue rose to $1.59 billion from $1.13 billion. Adjusted profit was 17 cents a share.
Analysts polled by FactSet on average saw the Menlo Park, Calif.-based company reporting a profit of 15 cents a share on revenue of $1.51 billion.
Facebook said its mobile revenue now makes up 23% of advertising revenue, topping last quarter’s share of 14%. Some analysts were expecting a higher share for mobile revenues. Topeka Capital’s Victor Anthony projected 24%, while Aaron Kessler at Raymond James said he was looking for mobile revenue to be up to 26%.
Anthony told MarketWatch that the company’s results did not match the more elevated expectations. “Not a blowout that some were expecting, but a good solid beat versus expectations,” he said.
Robert W. Baird analyst Colin Sebastian also speculated that the market reaction may have been “sell on the news, following all of the analyst upgrades lately.”
He also said the “top line might have been a little shy of whisper numbers. But on a fundamental level, it was a solid quarter — revenue growth accelerated.”
Whisper expectations were also a factor, with some investors projecting earnings of 17 cents of share, which was in line with what Facebook reported. The official consensus Wall Street number was at 15 cents a share.
Cantor Fitzgerald analyst Youssef Squali also called Facebook’s results “solid” and said they “slightly exceeded consensus expectations on virtually every metric.”
In the company’s conference call, CEO Mark Zuckerberg declared, “There’s no argument — Facebook is a mobile company.” The company said its mobile active users exceeded its desktop daily users for the first time in the fourth quarter of 2012, highlighting its momentum in that arena.
Facebook results boosted by strong ad sales
Facebook reports better-than-expected fourth quarter earnings with revenue boosted from stronger mobile ad sales. But higher costs drag down the social network's profit. MarketWatch's Dan Gallagher and Ben Pimentel report.
Facebook said it had a total of 1.1 billion monthly active users, up 25% year-over-year.
The company said it expects expenses to grow about 50% in 2013 as it focuses on building its business. Zuckerberg said the company is focused on building products, such as its newly-introduced “graph search.”
“Based on this, we made a decision to continue to grow head count quickly in 2013,” Zuckerberg said. “This will likely cause expenses to grow at faster rate than we expect to grow revenue this year, which means we aren’t operating to maximize our profit this year, but we’re doing what we think will build the best service and business over the long term. ”
He also said, “There’s lots of areas we need to invest them. We need to build the best mobile experiences build our platforms and build a really strong monetization engine.”
Facebook Reports Fourth Quarter and Full Year 2012 Results
Download PDFJanuary 30, 2013
MENLO PARK, Calif., Jan. 30, 2013 /PRNewswire/ -- Facebook, Inc. (NASDAQ: FB) today reported financial results for the fourth quarter and full year ended December 31, 2012.
"In 2012, we connected over a billion people and became a mobile company," said Mark Zuckerberg, Facebook founder and CEO. "We enter 2013 with good momentum and will continue to invest to achieve our mission and become a stronger, more valuable company."
Fourth Quarter and Full Year 2012 Financial Summary
In millions, except percentages and per share amounts | Q4'11 | Q4'12 | FY'11 | FY'12 | |||
Revenue | $ 1,131 | $ 1,585 | $ 3,711 | $ 5,089 | |||
Income from Operations | |||||||
GAAP | $ 548 | $ 523 | $ 1,756 | $ 538 | |||
Non-GAAP | $ 624 | $ 736 | $ 1,980 | $ 2,261 | |||
Operating Margin | |||||||
GAAP | 48% | 33% | 47% | 11% | |||
Non-GAAP | 55% | 46% | 53% | 44% | |||
Net Income | |||||||
GAAP | $ 302 | $ 64 | $ 1,000 | $ 53 | |||
Non-GAAP | $ 360 | $ 426 | $ 1,164 | $ 1,317 | |||
Diluted Earnings per Share (EPS) | |||||||
GAAP | $ 0.14 | $ 0.03 | $ 0.46 | $ 0.01 | |||
Non-GAAP | $ 0.15 | $ 0.17 | $ 0.50 | $ 0.53 |
Fourth Quarter 2012 Operational Highlights
- Monthly active users (MAUs) were 1.06 billion as of December 31, 2012, an increase of 25% year-over-year
- Daily active users (DAUs) were 618 million on average for December 2012, an increase of 28% year-over-year
- Mobile MAUs were 680 million as of December 31, 2012, an increase of 57% year-over-year
- Mobile DAUs exceeded web DAUs for the first time in the fourth quarter of 2012
Recent Business Highlights
- Mobile revenue represented approximately 23% of advertising revenue for the fourth quarter of 2012, up from approximately 14% of advertising revenue in the third quarter of 2012
- Facebook launched Graph Search Beta, a structured search tool that enables users for the first time to find people, places, photos and other content that has been shared on Facebook
- Launched Facebook for Android 2.0, completely rebuilt to deliver improved stability and faster performance and opened Facebook Messenger to anyone with a telephone number
Fourth Quarter 2012 Financial Highlights
Revenue — Revenue for the fourth quarter totaled $1.585 billion, an increase of 40%, compared with $1.13 billion in the fourth quarter of 2011.
- Revenue from advertising was $1.33 billion, representing 84% of total revenue and a 41% increase from the same quarter last year. Excluding the impact of year-over-year changes in foreign exchange rates, advertising revenue would have increased by 43%.
- Payments and other fees revenue for the fourth quarter was $256 million. As planned, in the fourth quarter of 2012 the company recognized revenue from four months of Payments transactions for accounting reasons detailed in our Form 10-Q filed on October 24, 2012. Adjusting for the $66 million of revenue in the extra month of December, Payments and other fees revenue would have been essentially flat year-over-year.
Costs and expenses — Fourth quarter costs and expenses were $1.06 billion, an increase of 82% from the fourth quarter of 2011. Excluding share-based compensation and related payroll tax expenses, non-GAAP costs and expenses were $849 million, an increase of 67%.
Income from operations — For the fourth quarter, GAAP income from operations was $523 million, compared to income from operations of $548 million for the fourth quarter of 2011. Excluding share-based compensation and related payroll tax expenses, non-GAAP income from operations for the fourth quarter was $736 million, compared to $624 million for the fourth quarter of 2011.
Operating margin — GAAP operating margin was 33% for the fourth quarter, compared to 48% for the fourth quarter of 2011. Excluding share-based compensation and related payroll tax expenses, non-GAAP operating margin was 46% for the fourth quarter, compared to 55% for the fourth quarter of 2011.
Income tax provision — The GAAP income tax provision for the fourth quarter was $441 million, representing an 87% effective tax rate. Excluding share-based compensation expense and related payroll tax expenses, the non-GAAP effective tax rate would have been approximately 41%.
Net income — GAAP net income for the fourth quarter was $64 million, compared to net income of $302 million for the fourth quarter of 2011. GAAP EPS for the fourth quarter was $0.03, compared to $0.14 for the same quarter in the prior year. Excluding share-based compensation and related payroll tax expenses, and income tax adjustments, non-GAAP net income for the fourth quarter was $426 million, or $0.17 per share, compared to $360 million and $0.15 per share for the same quarter in the prior year.
Capital expenditures — Purchases of property and equipment for the fourth quarter were $198 million. Additionally, $89 million of equipment was procured or financed through capital leases during the fourth quarter of 2012.
Cash and marketable securities — As of December 31, 2012, cash and marketable securities were $9.63 billion.
Webcast and Conference Call Information
Facebook will host a conference call to discuss the results at 2 p.m. PT / 5 p.m. ET today. The live webcast can be accessed at the Facebook Investor Relations website at investor.fb.com, along with the company's earnings press release, financial tables and slide presentation. Facebook intends to use the investor.fb.com website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
Following the call, a replay will be available at the same website. A telephonic replay will be available for one week following the conference call at +1 (404) 537-3406 or + 1 (855) 859-2056, conference ID 85750523.
About Facebook
Founded in 2004, Facebook's mission is to make the world more open and connected. People use Facebook to stay connected with friends and family, to discover what's going on in the world, and to share and express what matters to them.
转载▼
