Introduction: The paper provides a preliminary analysis of the effects of Facebook usage by undergraduate students at Lulea University of Technology in Sweden. The proposed research model tests the perceived effect of personality traits, self-regulation, and trust on students' achievements. Based on flow theory, the model suggests negative mediating effects of the use and cognitive absorption on Facebook, concluding that a decrease occurs in students' academic performance but a positive effect on satisfaction with life that would limit this undesirable effect. Method: Paper and pencil survey was run with undergraduate students from Lulea University of Technology and data from 239 students was used to test the model. SmartPLS software was employed to test the proposed structural equation model. Results: Results indicated an extensive use of Facebook by students with extraverted personalities leading to poor academic performance. However, students who are more self-regulated more effectively control their presence on these platforms. Trust in people does not affect their presence and interaction on this platform. Yet students' cognitive absorption with Facebook is only regulated by their self-control and their personality traits, which determines how much time they spend on Facebook. Multitasking skills moderate the effect of cognitive absorption on academic achievement, but they do not impede the time spent, frequency, or nature of use or their effect on academic results. Although students' satisfaction with life significantly declined due to cognitive immersion into Facebook, it appeared not to play an effective role in the students' academic achievement. However, their performance goal orientation was shown to be a crucial determinant of their university accomplishments, which would limit the critical effect of their presence on the Facebook platform. Discussion and Conclusion: Results support in part earlier conclusions about personality traits that rule the presence on Facebook. Trust does not impede on Facebook usage as it determines surfers' use of Internet. Self-regulation and performance goal orientation characterized the students who are more in control of this social activity. In turn, this prohibits the apparent negative effect on their academic performance. Results help students to understand the preliminary consequences of their extensive usage of Facebook and to better manage their social activities on this platform. (Contains 1 figure and 6 tables.)