Facebook In-Line With Estimates, Investors Not Impressed

Facebook

announced its second-quarter earnings today, reporting an EPS of $0.12, in-line with the $0.12 estimate.

Revenues were $1.18 billion versus $1.15 billion, beating estimates by 2.6 percent. Facebook's positive (anticipated) results come at a time when the company is struggling to prove its value. The social networking giant was dealt a significant blow after General Motors

announced in May that it would

. But in June, Ford

and Coca-Cola

announced that they were

with Facebook's ability to get people talking about their particular brands. Facebook recently

to settle a lawsuit involving the site's use of Sponsored Stories. Despite the outcry from users (whose comments and images were used without their consent), hundreds of millions of people return to the social network every single day. LinkedIn

has attempted to cut into Facebook's profits and user base by

. It is not yet known if this effort will be effective. Yesterday afternoon, Facebook shares dropped more than six percent after Zynga

reported

. The stock continues to plummet today in after hours trading, dropping more than five percent.