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Facebook’s revenue falls for first time in two years

by LLB Editor
24th Apr 12 11:48 am

Ahead of its much talked about IPO next month, Facebook’s profits for the first quarter of 2012 have slid for the first time in two years.

The social network’s net income between January and March dropped 12 per cent to $205m from $233m in the same period last year.

Facebook has attributed the profit slide to advertisers spending less in the first quarter of this year compared to last quarter of 2011.

Only last week, Facebook bought photo-sharing firm Instagram for $300m in cash and 23 million shares.

 

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