Facebook is reporting, ahead of its initial public offering, expected in May, that its first-quarter net income fell as its revenue rose by comparison with a year earlier.
Facebook Inc. said in a regulatory filing on Monday that its net income fell 12% to $205 million U.S. in the three months that ended March 31, from $233 million U.S. in the same period of 2011. Net income attributable to common shareholders fell to $137 million U.S. from $153 million U.S. That amounts to earnings of nine cents U.S. per share in the latest quarter, down from 11 cents U.S. a year earlier.
The company said that higher expenses pushed down its earnings as its revenue rose 45% to $1.06 billion U.S.
Facebook says it had 901 million monthly active users as of March 31, up from 680 million a year earlier.
