Facebook posted their Q2 finance reports, where the social network saw $1.18 billion in revenue for the company's first disclosures since its IPO went live in May.

Most of the revenue came from advertising, which raked in $992 million, a 28-percent increase over the same quarter last year. Facebook also posted a $743 million loss for the quarter, compared to the $407 million profit from the same quarter in 2011.

Facebook was expected to outspend its income for Q2, as $1.3 billion in share-based compensation and payroll tax expenses were finally realized. Facebook CEO and mastermind, Mark Zuckerberg 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.