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Save the date: Facebook sets time for first earnings report

The stock has stopped its steady descent, but it's still far off the price at which it went public. All eyes will be on mobile.

Get ready for another wave of round-the-clock analysis over Facebook's business.

The company today set July 26 as the day it will release its first earnings report since going public May 18, according to a note posted on Facebook's investor relations page.

Facebook will report earnings for its second quarter. The company posted $1.6 billion in revenue for its first quarter -- a report it put out during the run-up to its IPO -- and net income of $205 million, which was down 12 percent from the year-earlier quarter.

The stock, as you can see from the chart below, has recovered a bit recently but is still down 18 percent from its offering price of $38 a share. Given that, Wall Street is unlikely to forgive much and instead will pick apart its earnings report for any signs of trouble.

What will investors be looking at? Aside from revenue growth, profit, and key metrics such as user growth, they'll want to see evidence of money coming from mobile. That's Facebook's big problem (shared by many Web companies). Facebook is seeing more of its users shift to mobile, and the company is now working on ways to make money from that transition. It started showing ads on mobile at the end of February.

Facebook's stock performance since going public on May 18.