Saturday July 11, 2020

Facebook to "hire aggressively" despite profit drop

Facebook reported a plunge in fourth-quarter profit but said that it plans to hire aggressively during 2013.

31st January, 2013
Facebook chief executive Mark Zuckerberg said that he expects to hire aggressively, causing expenses to grow at a faster rate than sales in 2013.

Facebook reported a plunge in fourth-quarter profit on higher spending, even while it made long-awaited progress luring advertisers eager to reach mobile-device users.

Net income fell 79 per cent to $64 million last quarter as operating expenses jumped 82 per cent, Facebook said in a statement yesterday. That outpaced a 40 per cent revenue gain to $1.59 billion and raised concerns that margins will come under pressure. The stock fell 3.5 per cent in late...

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