Facebook Inc. reported a net loss of $2.4 billion, a fraction of the $50 billion it had expected, according to the company’s latest annual report.
Facebook’s share price fell 1.2 percent to $52.94 on the New York Stock Exchange on Thursday.
Its revenue fell 5 percent to about $26.3 billion, as it grappled with a string of privacy issues.
The company had $15.7 billion in cash and short-term investments.
Facebook had already warned in February that its latest loss was the worst it had seen since it was founded in 2004.
Analysts had expected Facebook to report a profit of $1.1 billion, according, to Bloomberg.
The company has a $25 billion cash cushion, according the Bloomberg report.
The money it has invested in the platform comes from users and advertising revenue.