2012年5月22日 星期二

Internet News Headlines - Yahoo! News: The numbers on the Facebook earnings revisions

Internet News Headlines - Yahoo! News
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The numbers on the Facebook earnings revisions
May 23rd 2012, 04:54

By Poornima Gupta and Alexei Oreskovic | Reuters – 54 mins ago

SAN FRANCISCO (Reuters) - Four of Facebook's major underwriters -- Morgan Stanley, Goldman Sachs, JPMorgan and Bank of America -- reduced their financial estimates for the soon-to-be-public company following the release of a revised prospectus on May 9 that noted the negative impact of mobile users on Facebook's business.

While Facebook did not provide any specifics in its amended S-1 filing, the four underwriters reduced their earnings and revenue estimates for both the second quarter of 2012 and the full year within the next two days, according to sources.

The new estimates highlighted a continued slowdown in Facebook's growth, with the banks forecasting 30.4 percent year-on-year 2012 revenue growth on average, instead of the 36.7 percent growth previously expected. In 2011, Facebook's revenue grew 87.9 percent year-on-year to $3.71 billion.

The new numbers were relayed to big investors through phone calls and conference calls, according to investors. Bank of America held a conference call on May 10 with analyst Justin Post, where the underwriter revealed the lowered estimates.

Here are the detailed figures from the four banks, according to one of the investors who received the new numbers.

Lowered full year revenue estimate for 2012

Morgan Stanley -- $4.854 billion (new)from $5.036 billion (old)

Bank of America -- $4.815 billion (new) from $5.040 billion (old)

JPMorgan -- $4.839 billion (new) from $5.044 billion (old)

Goldman Sachs -- $4.852 billion (new) from $5.169 billion (old)

Lowered estimates for second-quarter 2012

Morgan Stanley -- $1.111 billion (new) from $1.175 billion (old)

Bank of America -- $1.100 billion (new) from $1.166 billion (old)

JPMorgan -- $1.096 billion (new) from $1.182 billion (old)

Goldman Sachs -- $1.125 billion (new) from $ 1.207 billion (old)

Lowered 2013 Earnings per share estimate

Morgan Stanley -- 83 cents (new) from 88 cents

Bank of America -- 64 cents (new) from 66 cents

JPMorgan -- 66 cents (new) from 70 cents

Goldman Sachs -- 63 cents (new) from 68 cents

(Additional reporting by Alistair Barr; Editing by Ramya Venugopal)

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