Facebook Loses Another Head Honcho Before Q1 Results
The famed social network has lost yet another company big wig, as Facebook's (NASDAQ: FB) Director of Product Management Carl Sjogreen has decided to bow out with no public explanation or future professional plans.
Amongst a slew of recent departures, Sjogreen's comes at a time when Facebook is not in the finest of public graces. Shareholders and analysts alike have been recurrently unimpressed by the previously buzzed-about Facebook IPO, with issues plaguing the now-public company ever since it began trading on the Nasdaq stock exchange.
Sjogreen is not the only one saying goodbye to the blue and white lowercase anomaly, as Chief Technology Officer Bret Taylor decided to terminate his employment with the company this summer to begin a new venture. Facebook's Director of Corporate Communications and Public Policy Barry Schnitt also left in May to fill a staple position at Pinterest.
According to TechCrunch, Sjogreen basically plans to take time off following his parting of ways and will likely start "something" up in the future.
The website also reports that Facebook's IPO was designed to give liquidity to long-time employees, but that does not seem to be pulling at the heels of those scurrying out the door, including Sjogreen.
Taking hit after hit following its May 18 debut on the scene, Facebook and the stock market have not necessarily been the best of friends. From Nasdaq's computer malfunctions to sneaky insiders releasing information ahead of time, the social network and its founder Mark Zuckerberg have certainly been dealt quite a few blows ever since hesitantly going public.
However, in a new turn of events analysts are expecting the company's first ever quarterly earnings report to be moderate – not crippling. Though sure to not be overwhelming by any means, Piper Jaffray believes Facebook will post slight upside to consensus expectations of $1.15 billion in revenue and 12 cents in EPS.
"While we are not expecting a miss, we believe that if Facebook were to miss earnings, the stock would be punished more than a typical earnings miss by a tech company given it would come on the heels of the disappointing IPO," Piper Jaffray stated in a research report released Tuesday.
The firm went on to say, "We continue to recommend shares of FB over 12 months based on our belief that the monetization of the site is still early and significant opportunities in impacting commerce remain."
With a turnaround potentially on the horizon, Sjogreen's departure may raise eyebrows as to why he and others would choose to leave at such a crucial time. Family time and adventure are apparently at the top of his list, with his exit notice thanking "Mark", presumably Zuckerberg, and other Facebook employees that enriched his time at the company.
As longtime employees continue to flock from Facebook's headquarters in search of other opportunities, the company appears to be doing much better since becoming tainted with IPO drama. "Out with the old and in with the new" may become Zuckerberg's favorite saying over the next few months, as shareholders and analysts begin to reestablish their faith in the immensely popular networking platform.
The company is expected to report first quarter earnings Thursday, July 26. Facebook traded around $28.20 on Wednesday morning, down nearly 25 percent year-to-date.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.