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Facebook Profit Dip

Posted: April 26th, 2012 | Author: | Filed under: Facebook | Tags: , , , , | Comments Off on Facebook Profit Dip

Facebook Profit DipFacebook has reported a fall in quarterly profit despite surging revenue. The social networking behemoth recently bumped up spending on research, acquisitions and promotion before its stock market debut, which is expected to come next month. The company also blamed the result on seasonal advertising trends.

Facebook’s net income dipped 12 per cent to $US205 million in the three months to March from $US233 million in the same period last year.

Although revenue jumped to $US1.06 billion, which was a rise year-on-year, it was down about 6 per cent from the preceding quarter, the first quarter-on-quarter drop since at least 2010.

Facebook is preparing to raise at least $US5 billion in the largest initial public offering by an internet company on Wall Street that could see it valued at up to $US100 billion.

The company will trade under the symbol “FB” on the Nasdaq, it said in paperwork filed with the United States Securities and Exchange Commission :: Read the full article »»»»