by: Jon Swartz and Matt Krantz | USA TODAY

SAN FRANCISCO – Facebook gave some investors a reason to exhale today, with revenue that narrowly beat forecasts. But the company's stock is being crushed in after-hours trading.

The social-networking giant, which went public in May with an eye-poppingly high valuation, reported on an adjusted basis a profit on revenue of $1.18 billion for its second fiscal quarter.