Photo by Brendan Smialowski, AFP.
NEW YORK -- Facebook's stock has hit a new low after it reported second-quarter results that disappointed investors.
The stock is down $3.58, or 13 percent, to $23.26 as trading opened Friday. Facebook Inc.'s initial public offering of stock priced at $38, and its low had been $25.52.
In its first financial report as a public company, Facebook said Thursday that revenue grew 32 percent to $1.18 billion in the second quarter.
Growth has slowed from earlier this year and from previous years. That's a concern for a newly public company. Investors are willing to value new companies highly, even if they are not making a profit, because they expect booming revenue.
Analysts also cautioned that the stock could be volatile because Facebook didn't provide a guidance for the rest of the year.