Facebook Shares Tumble After Disappointing Second Quarter Report

(Newsroom America) -- Facebook Inc. (FB) posted a loss of $157 million or eight cents a share for the second quarter on Thursday, pushing its share price down by more than 10 percent.

Revenue for the second quarter totaled $1.18 billion, which was more than analysts had predicted, but costs and expenses were $1.93 billion, an increase of 295 percent from the second quarter of 2011, driven primarily by share-based compensation expense.

The 28-year-old Chief Executive Mark Zuckerberg told analysts on a conference call the company has significant challenges ahead in pushing more engaging advertisements to more users.

"These are the types of problems we like to work on," he said.

Zuckerberg said the company was focused on investing in the priorities of mobile, platform and social ads.

But analysts were unimpressed, saying the company offered little specific insight into its progress in increasing revenue on mobile devices.