Facebook’s revenue fell 4% in the fourth quarter, with the company reporting an operating loss of $10 billion, according to its latest earnings report.
The company said its profit expectations for the year, including earnings per share, will be revised down from $15.00 per share to $9.00 to reflect the impact of the U.S. and other countries tax changes.
In the first quarter of the year Facebook posted revenue of $14.8 billion, or $1.06 per share.
That was $1,092 per share higher than the same period last year.
The company’s operating profit rose from $9 billion in the year-ago quarter to $11.6 billion in Q4 2017.
The fourth quarter also saw revenue decline by about 2% year-over-year.
Revenue was $11 billion for the quarter, down $2 billion from the same quarter last year when it was $14 billion.
The loss comes after the company announced a $1 billion buyback of stock at the beginning of the month.
Facebook is currently trading at $39.50, up $1 per share from its July 2017 closing price of $39 in an index-tracking market.
The stock is up more than 3% this year, and was up more during the 2017 holiday season.
The stock is expected to trade below $40 on Thursday.