Facebook's Profits Slide Ahead Of IPO
Weeks ahead of its initial public offering, Facebook released its first quarter profits Monday, and they are down 12 percent from a year ago. At the same time, company expenses have nearly doubled. Facebook attributes some of that to market expansion, which requires more employees and infrastructure.
STEVE INSKEEP, HOST:
NPR's business news starts with some profits de-friending Facebook.
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INSKEEP: Weeks ahead of an initial public stock offering, Facebook yesterday released its first quarter profits, and they are down - 12 percent from a year ago. At the same time, company expenses have almost doubled. Facebook attributes some of that to market expansion, which requires more employees and infrastructure.
Facebook also announced yesterday the purchase of over 600 patents from Microsoft for $550 million.
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