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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