Washington, Apr 24 (ANI): Social networking giant Facebook has revealed in a new filing with the Securities and Exchange Commission that the firm's revenues rose in the first quarter of this year, but its profits had fallen.
It stated that it saw revenues of 1.06 billion dollars in the three months to March 31, 2012, up from 731 million dollars in the same period last year.
However, the company's profits fell to 205 million from 233 million dollars, The Telegraph reports.
According to the report, profits were affected by higher staff numbers (up to 3,539 from 2,431 in 2011), marketing and sales spend rising to 159 million from 68 million dollars and research and development costs jumping to 153 million from 57 million dollars.
The new filing also included the one billion dollar purchase of photography-based social network Instagram.
Facebook revealed it completed the deal for 300 million dollars in cash and 23 million shares, but was liable for a 200 million dollars break-up fee if the purchase failed.
"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," Facebook said. (ANI)
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