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Facebook posts second-quarter net loss of $157m

A major dip as the social network publishes its first quarterly results since becoming a public company.

In Facebook's first results since its shambolic stock market debut in May, the social networking site has reported a net loss of $157m (£100m) for the quarter ended 30 June 2012. This compares to a net income of $240m for the same period last year.

But it wasn't all bad news: revenue increased by 32 per cent to $1.18bn (2011: $895m), beating market forecasts. Revenue from advertising was $992m, while payments and other fees brought in $192m.

Second-quarter costs and expenses were $1.93bn, a year-on-year increase of 295 per cent, driven primarily by share-based compensation expenses. Capital expenditures were $413m, an annual increase of 213 per cent.

During the quarter, the company announced the proposed acquisition of the photo-sharing app Instagram and entered into an agreement with Yahoo! to settle all pending patent claims. Meanwhile, the company’s COO, Sheryl Sandberg, joined the Facebook board.

Mark Zuckerberg, founder and CEO of Facebook, said:

Our goal is to help every person stay connected and every product they use be a great social experience. That’s why we're so focused on investing in our priorities of mobile, platform and social ads to help people have these experiences with their friends.

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Goldsmiths diversity officer Bahar Mustafa receives court summons in wake of “#KillAllWhiteMen” outcry

Mustafa will answer charges of "threatening" and "offensive/ indecent/ obscene/ menacing" communications.

In May this year, Bahar Mustafa, then diversity officer at Goldsmiths, University of London, posted a Facebook message requesting that men and white people not attend a BME Women and non-binary event. There was an immediate backlash from those also enraged by the fact that Mustafa allegedly used the hashtag #KillAllWhiteMen on social media. 

Today, Mustafa received a court summons from the Metropolitan Police to answer two charges, both of which come under the Communications Act 2003. The first is for sending a "letter/communication/article conveying a threatening message"; the second for "sending by public communication network an offensive/ indecent/ obsecene/ menacing message/ matter".

It isn't clear what communciation either charge relates to - one seems to refer to something sent in private, while the use of "public communication network" in the second implies that it took place on social media. The Met's press release states that both communciations took place between 10 November 2014 and 31 May 2015, a very broad timescale considering the uproar around Mustafa's social media posts took place in May. 

We approached the Met to ask which communications the summons refers to, but a spokesperson said that no more information could be released at this time. Mustafa will appear at Bromley Magistrates' Court on 5 November. 

Barbara Speed is a technology and digital culture writer at the New Statesman and a staff writer at CityMetric.