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FACEBOOK Inc's stock has taken a hit after an article in the financial magazine Barron's said it is "still too pricey" despite a sharp decline since its initial public offering.
Though Facebook's stock has plunged since its May IPO, Andrew Bary at Barron's said the stock trades at "high multiples of both sales and earnings, even as uncertainty about the outlook for its business grows".
At issue is the shift of Facebook's massive user base to mobile devices. The company is still figuring out how to advertise to people who use their mobile phones and tablet computers to access the social network.
Mr Bary said success in the mobile space is "no sure thing" for the company.
Mobile ads must fit into much smaller screens, which doesn't give Facebook "much room to configure ads without alienating users", Mr Bary said.
Facebook also has what Mr Bary called "significant" stock-based compensation expenses. Last year, the company issued $US1.4 billion ($A1.35 billion) worth of restricted stock and $US1 billion so far this year, he noted.
Yet technology companies such as Facebook "routinely encourage analysts to ignore stock-based compensation expense - and most comply. This dubious approach to calculating profits is based on the idea that only cash expenses matter," Mr Bary wrote. "That's a fiction, pure and simple."
Facebook's stock fell $US2.20, or 9.6 per cent, to $US20.66 in afternoon trading. The company went public on May 18 at a share price of $US38, which it has not hit since.
Mr Bary said he thinks Facebook's stock is worth $US15, well below its current price even with yesterday's drop.
"That would be roughly 24 times projected 2013 profit and six times estimated 2013 revenue of $US6 billion, still no bargain price," he wrote.
Facebook declined to comment.
Last week, research firm eMarketer said it expects Google Inc to surpass Facebook in US display advertising revenue this year. In February, eMarketer predicted Facebook would stay ahead of Google. The social networking company had surpassed Google in 2011. But Facebook's ad revenue has fallen short of the expectations eMarketer set in February.
That said, some analysts are still bullish on Facebook. Last week an analyst at Cantor Fitzgerald started coverage of its stock with a "Buy" rating and a target price of $US26. The analyst, Youssef Squali, said he's "positive on the stock long-term" despite its botched IPO and the worry that Facebook's stock will be held down as employees become eligible to sell their stock in the coming months.
"We see significant opportunities ahead of Facebook, largely from brands moving online seeking mass reach and user engagement and from the explosion of mobile advertising in the next 2-5 years," Mr Squali said in a note to investors.
Originally published as Barron's slams Facebook, stock falls


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The Silly Diplomatic History Of The Early 1970s
A sampling of silly diplomacy from the early 1970s.
A sampling of silly diplomacy from the early 1970s.
Barack Obama is seeking to re-engage Russia as a partner in foreign policy. Some say that this approach will surely encourage Russia to become more aggressive in its relationships with its neighbors
In an interview today with Pat Robertson's Christian Broadcasting Network, Sarah Palin starts out by asserting that without God's hand of protection, all the "Constitutional rights and [having Americans] do those things that I believe will make our country better, greater" won't be enough: It's
Psst... what kind of person doesn't support pacifism?

subset: commoncrawl


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Hapee Toothpaste
From Wikipilipinas: The Hip 'n Free Philippine Encyclopedia
Hapee Toothpaste, distributed by Lamoiyan Corporation owned and run by Cecilio Kwok Pedro, is a Filipino-made toothpaste brand.
Lamoiyan Corp.
Lamoiyan Corp. boast their product line as being Proudly Pinoy. The company even got international braoadway star Lea Salonga to endorse its latest Hapee Toothpaste television commercial.
Other products
Other Pinoy products manufactured by Lamoiyan Corp. are Dazz Dishwashing Aids, Tenderly Fabric Enhancer, and Fash Liquid Laundry Detergent.
- Lamoiyan Corp. website
- Hapee (accessed on February 15, 2008).
Original content from WikiPilipinas. under GNU Free Documentation License. See full disclaimer.
This Philippine-related article is a stub. You can help WikiPilipinas by expanding it.


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Athletes who want to participate in the second annual Mokelumne River Adventure Challenge have until June 4 to do so.
The endurance event is centered around the Mokelumne River and Lodi Lake. The challenge features a swim in Lodi Lake, a 3-mile run through the wilderness area and a kayak race up the Mokelumne River.


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Live TV Episodes: A Brief History
Live from New York, it's … 30 Rock?
Yes, that's right television fans: Tina Fey, Alec Baldwin and the rest of 30 Rock cast will be coming at you live for tonight's episode. While the news is exciting, Rock certainly isn't the first traditionally taped show to go live for a night. Everyone from ER to The Drew Carey Show have done a special, straight-from-the-studio live event with (mostly) no drama or mishaps.
In honor of 30 Rock's first-ever live foray, Celebuzz decided to take a look back in live special history and document the best ventures. Check out our gallery of live shows and share your favorite moments in the comments.