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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