After Facebook’s disappointing IPO and rocky past few months, investors in the newly-public social network can breathe easy – but just barely.

The company’s second quarter earnings report Thursday — its first since going public in May — just squeaked in at analysts’ expectations.

The company said revenue for the quarter was $1.18 billion, which was an increase of 32 percent over the same period last year. The average estimate from Wall Street analysts was $1.15 billion. Facebook also reported non-GAAP earnings of $295 million, or $0.12 per share, which was what analysts projected. As was expected, the company reported a GAAP net loss for the quarter of $157 million, compared to income of $240 million in the second quarter of 2011. But the loss was due to one-time stock-expense charges related to its IPO.

The company’s second quarter revenue also marked an increase over its revenue from the first…

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