Facebook Releases Quarterly Earnings Report
RENEE MONTAGNE, HOST:
NPR's business news starts with profits for Facebook.
(SOUNDBITE OF MUSIC)
MONTAGNE: Facebook announced its latest quarterly results, reporting revenues just under $1.5 billion.
DAVID GREENE, HOST:
The company showed a profit of nearly $220 million for the quarter but this fell short of analysts' expectations. CEO Mark Zuckerberg blamed the missed target on higher costs. Company spending is up 60 percent this quarter over the previous one due to hiring and new developments.
MONTAGNE: But the investments seem to be paying off with Facebook's mobile strategy. It has more than 750 million active mobile users and mobile advertising now accounts for 30 percent of Facebook's ad sales.
NPR transcripts are created on a rush deadline by an NPR contractor. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.