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Facebook quarterly profits tumble, shares dive

Published on Jan 31, 2013 5:59 AM
 
The Facebook logo is pictured at the Facebook headquarters in Menlo Park, California. Facebook reported a sharp drop in profits from a year ago, prompting a fresh decline in the share price of the world's biggest social network. -- PHOTO: REUTERS

SAN FRANCISCO (AFP) - Facebook reported a sharp drop in profits from a year ago, prompting a fresh decline in the share price of the world's biggest social network.

Facebook reported a profit of US$64 million (S$79 million) in the fourth quarter compared with US$302 million in the same period 2011. Revenue grew 40 per cent to US$1.585 billion. The results triggered a five per cent slide in shares in after-hours trade.