(MENAFN) Facebook announced logging profit plunge of 20 percent in the first-quarter period, while revenue got a boost from robust growth in mobile advertising, Arab News reported.
Net profit in the quarter dropped to USD509 million, amid hefty increases in spending on research and share-based compensation. Overall revenues jumped 42 percent to USD3.5 billion, led by advertising gains.
Revenue from advertising stood at USD3.32 billion, a 46 percent surge from a year ago. Mobile accounted for 73 percent of the total revenue, up from 59 percent a year earlier.
However, spending grew 83 percent from a year ago to USD2.61 billion, including more than USD1.0 billion on research on items such as new ad products and virtual reality.
"This was a strong start to the year," said Mark Zuckerberg, Facebook founder and CEO. "We continue to focus on serving our community and connecting the world."
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