It's time for another quarterly earning, 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, more people are hitting the site via mobile web or app than are heading to Facebook.com on a real computer. In fact, over 150 million people around the world access Facebook solely through a phone. That's nuts. FB is a small screen experience, not the network you first toyed iwth in your dorm room. Financially, good and bad news. They beat expectations! Revenue hit $1.59 billion, which is better than what 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 (680 million every day, up 57% from last year), and yet $FB has dropped 10% in after-hours trading. The Zuck cannot win.