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Alexander BesantApril 23, 2012 17:08
Facebook revenue up but profits down in the first quarter
The Menlo Park-based company's revenues in the first quarter of 2012 were over one billion dollars, a 45 percent increase over the same period last year.
The Menlo Park-based company's revenues in the first quarter of 2012 were over one billion dollars, a 45 percent increase over the same period last year.
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Facebook founder and CEO Mark Zuckerberg delivers the opening keynote address at the f8 Developer Conference April 21, 2010 in San Francisco, California. (Justin Sullivan/Getty Images)
Facebook's profit dropped 12 percent in the first quarter between January and March after a number of expenses, including the purchase of photo-sharing app Instagram.
This is down from the last quarter, which Facebook explained was attributed to a drop in advertising revenue collection at the end of the year.
Read more on GlobalPost: Facebook to pay $1 billion to acquire Instagram
Yet, the Menlo Park-based company's revenues were still over one billion dollars in that quarter.
The revenue numbers were a 45 percent increase from the same period last year.
The company now is expected to command $6.1 billion in revenue this year, said Bloomberg.
On Monday, Facebook filed documents with the United States Securities and Exchange Commission to join the technology-heavy Nasdaq stock exchange, using "FB" as its ticker symbol, reported the Financial Post.
Read more on GlobalPost: Facebook picks Nasdaq for listing
In the securities filing the company also revealed the details of the Instagram purchase.
According to the Wall Street Journal, the one billion dollar purchase was made with $300 million in cash and 23 million shares.
The transaction also has a $200 million termination fee if the deal does not go through.
In the filing, Facebook said of the purchase, according to the Financial Post “Following the closing of this acquisition, we plan to maintain Instagram’s products as independent mobile applications to enhance our photos product offerings and to enable users to increase their levels of mobile engagement and photo sharing."
http://www.globalpost.com/dispatch/news/business/120423/facebook-revenue-profits-down-the-first-quarter
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