BNET - May 19 - The stock of FriendFinder Networks (FFN) tanked following its IPO, sinking from $10 at its opening a few days ago to $5.85 at yesterday’s close. The company announced a revenue decline of 3.1% to $83.5M in Q1 2011. ~22% of FFN’s revenues from from a “live models” business, in which consumers can watch performers, er, “perform” on webcams. Commissions to models and their studios are 32.2 % of those revenues. Some rough math shows that the models and their studios collectively received ~$24.5M in commissions from FFN last year. The company, by contrast, lost $43.1M.