It's time for another quarterly earnings, that kooky game wherein companies announce how much cash they've raked in, and then investors spank or hail them without much correlation to reality. Now up: Facebook, which has just entered crazy new territory.
For the first time ever, more people are hitting the site via mobile web or app than are heading to Facebook.com on a real computer. That's nuts. It seems FB is a small screen experience, not the network you first toyed with in your halls room. Financially, good and bad news. It beat expectations! Revenue hit £1 billion, which is better than everyone expected. And yet, the stock is tanking, because Wall Street is mentally ill. More people are using The Book than ever before (1.06 billion), more of them are using it on a phone than ever before (up 57 per cent from last year), and yet $FB has dropped 10 per cent in after-hours trading. The Zuck cannot win.