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"If they cut their spending a little, so that they could start gaining earnings momentum again, their stock valuation would return," he said.
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Facebook is also trying to gain earnings from sources other than advertising.
Excluding 3 cents a share in one-time gains, earnings were 70 cents a share.
Excluding that gain, earnings would have been $570 million, or 33 cents a share.
Excluding that gain, earnings were 27 cents a share in the 2007 period.
Even without those gains, earnings were 46 cents — ahead of the 41 cents forecast by analysts polled by Thomson Financial.
Excluding a one-time pretax gain, earnings would have been 10 cents a share, the company said.
Adjusted for special items and one-time gains, earnings fell to 31 cents a share, from 32 cents.
On the other hand, the bureau does not factor in capital gains earnings on the sale of stocks or property when calculating income figures.
Adjusting for one-time losses and gains, earnings came to 25 cents a share, 1 cent better than the 24 cents expected by analysts surveyed by Thomson Reuters.
But Hillary Clinton has actually voted to keep the status quo on capital gains earnings, rather than tax them at the same rate as income.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com