Local Social Media

Facebook said it expects more patent lawsuits and announced that while revenues rose in the first quarter, profits fell. .

The local social media giant, which is preparing a $100bn IPO reportedly   in May, said in an SEC filing that it saw revenues of $1.06bn in the   three months to March 31, 2012, up from $731m in the same period last year.   However, profits fell to $205m from $233m.

Profits were hit by higher staff numbers (up to 3,539 from 2,431 in 2011),   marketing and sales spend rising to $159m from $68m and research and   development costs jumping to $153m from $57m.

Facebook also expects to be the subject of further lawsuits similar to Yahoo!’s   patent-infingement filing last month.

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