Facebook stock opened at a new all-time low Friday, a day after the company released its first quarterly earnings results.
Facebook Inc. shares opened at $23.21 after closing at $26.84 Thursday. Facebook released its 2012 second-quarter results after the market closed, and after an initial surge in after-hours trading, the social network's stock began falling.
Now the stock is down about 14% and dropped as low as $22.28 Friday after trading at around $28 most of the week.
Facebook's results beat analysts' expectations slightly, but some of its other numbers were less than reassuring.
The Menlo Park, Calif., company's costs and expenses were $1.93 billion, up nearly 300% compared with last year, and Chief Executive Mark Zuckerberg made it sound as though high expenses could be a regular trend for Facebook for the time being.