Should You Be Bullish On Facebook?
by Insider Monkey
By Matt Doiron
Former hedge fund manager and current CNBC host and investing personality Jim Cramer has been bullish on Facebook (FB), which recently received an upgrade from Jefferies and BMO Capital Markets. While the stock is well above its lows, the current stock price is still under $25 and therefore significantly off its IPO price of $38. The 10-Q for the first quarter of 2013 showed that Facebook has continued to increase its revenue- the top line grew by 38% versus a year earlier- but that operating costs were also up strongly (including a near doubling in R&D expenses) and as a result operating income was about flat. The small increase in earnings was explained entirely by a lower effective tax rate. We would note that part of the increased costs was due to higher share-based compensation, and due to this as well as higher depreciation Facebook actually recorded a large percentage increase in cash flow from operations. read more »
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