Now we see why he looked so glum.

While the world waits to hear Mark Zuckerberg's do his best Kermit voice on Facebook's first ever earnings call at 5pm EST today, the market has already spoken. Earlier today the signs were already there, Reuters reported that Facebook shares dropped 7 percent in premarket trading. (After its recent earnings "disaster," Zynga's shares opened 40 percent down today.)

However, Facebook's second quarter earnings, just released online in advance of the call, actually exceeded Wall Street's expectations. By a hair. As AllThingsD notes, consensus had been that Facebook would post profit of 12 cents a share on revenue of $1.15 billion. However, the company showed profit of 12 cents a share on revenue of $1.15 billion. Business Insider hyperbolically notes that expectations were already "horribly" low, with consensus predicting "utterly miserable," decelerating ad revenue growth of 19 percent year-over-year. Another sign of Wall Street's bearishness on the company.

The Wall Street Journal says shares rose just after the report. But were down in after-hours trading, plummeting 7.6 percent. When the markets closed today, Facebook shares were down 29 percent from its debut $38 IPO price in May. It is currently trading at $24.80.

There was, however, one bright spot. Ad revenue was better than expected. Citi predicted $922 million and Facebook reported $992 million. And it beat the expected 19 percent growth estimate, posting 28 percent growth, year-over-year

The company doesn't offer any real explanation in its press release below, so we'll have to stay tuned for the conference call.

Facebook Reports Second Quarter 2012 Results

MENLO PARK, Calif. – July 26, 2012 – Facebook, Inc. (NASDAQ: FB) today reported financial results for the second quarter, which ended June 30, 2012.

“Our goal is to help every person stay connected and every product they use be a great social experience,” said Mark Zuckerberg, Facebook founder and CEO. “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.”

Second Quarter 2012 Financial Summary

Second Quarter 2012 Operational Highlights

Recent Business Highlights

Product

Advertising

Corporate

Second Quarter 2012 Financial Highlights

Revenue – Revenue for the second quarter totaled $1.18 billion, an increase of 32%, compared with $895 million in the second quarter of 2011.

Costs and expenses – Second quarter costs and expenses were $1.93 billion, an increase of 295% from the second quarter of 2011, driven primarily by share-based compensation expense.

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As previously noted in the company’s initial public offering prospectus, share-based compensation expense related to pre-2011 restricted stock units (RSUs) was not recognized in advance of the initial public offering, and as a result of the initial public offering during the second quarter, the company recognized $1.3 billion of share-based compensation and related payroll tax expenses.

Income (loss) from operations – For the second quarter, GAAP loss from operations was $743 million, compared to income from operations of $407 million for the second quarter of 2011. Excluding share-based compensation and related payroll tax expenses, non-GAAP income from operations for the second quarter was $515 million, compared to $477 million for the second quarter of 2011.

Operating margin – GAAP operating margin was negative 63% for the second quarter of 2012, compared to 45% for the second quarter of 2011. Excluding share-based compensation and related payroll tax expenses, non-GAAP operating margin was 43% for the second quarter of 2012, compared to 53% for the second quarter of 2011.

Income tax provision – The GAAP income tax benefit for the second quarter was $608 million, representing a 79% effective tax rate. The company reported an income tax benefit as a result of the pre-tax loss in the second quarter. Excluding share-based compensation expense and related payroll tax expenses, the non-GAAP effective tax rate would have been approximately 40%.

Net income (loss) – GAAP net loss for the second quarter was $157 million, compared to net income of $240 million for the second quarter of 2011. GAAP EPS for second quarter of 2012 was $(0.08), largely reflecting the effect of the accounting treatment of pre-2011 RSUs, as previously noted in the company’s initial public offering prospectus. Excluding share-based compensation and related payroll tax expenses, non-GAAP net income was $295 million or $0.12 per share, compared to $285 million and $0.12 per share for the same quarter in the prior year.

Capital expenditures – Capital expenditures for the quarter were $413 million, a 213% year-over-year increase. Additionally, $52 million of equipment was procured or financed through capital leases during the second quarter of 2012.

Cash and marketable securities – Cash and marketable securities grew to $10.2 billion, which includes $6.8 billion in net proceeds from our initial public offering.

Webcast and Conference Call Information

Facebook will host a conference call to discuss the results at 2 p.m. PT / 5 p.m. ET today. The live webcast can be accessed at the Facebook Investor Relations website at http://investor.fb.com/, along with the company’s earnings press release, financial tables and accompanying slide presentation.