"Building Our Own Phone Won't Make Much Sense" - Zuckerberg

It seems all those rumours about a Facebook smartphone amount to nothing. The social network's CEO, Mark Zuckerberg, has ruled out its own branded device. His comment came as Facebook announced a loss of £100m in its first results since its stock market listing in May:

"Building our own phone won't make much sense for us" 

So that's that rumour put to rest. Although, it's the same Mark Zuckerberg who appeared at one time to rule out a Facebook iPad app - because "the iPad isn't a mobile device".

About a year later, Facebook released an iPad app.

The Facebook figures have taken Wall Street somewhat by surprise...because the loss can be put down to payments to big shareholders, including Zuckerberg.

BBC News: Second quarter costs and expenses nearly quadrupled, up 295% to $1.93bn from the same period last year.

Excluding staff share schemes, Facebook would have made a profit of $295m.

The figures compare with a $240m profit in the same period last year.

In its statement, Facebook said the rise was driven primarily by "share-based compensation expense".

Shares fell 11% in after-hours trade in New York to a record low of $23.94.

In May, investors had queued to snap up Facebook shares for $38 each.

Sales rose 32% to $1.18bn for the three months to the end of June.