Face­book profit off as it shifts to­ward mo­bile

The Washington Post Sunday - - TAKING STOCK -

Face­book re­ported a plunge in fourth-quar­ter profit — down 79 per­cent to $64 mil­lion — on higher spend­ing, even while it made long-awaited progress lur­ing ad­ver­tis­ers ea­ger to reach mo­bile-de­vice users. Its rev­enue climbed 40 per­cent, and it dou­bled its mo­bile ad­ver­tis­ing from the pre­vi­ous quar­ter. Op­er­at­ing ex­penses jumped 82 per­cent. Chief ex­ec­u­tive Mark Zucker­berg plans to in­crease ex­penses, ex­clud­ing cer­tain costs, 50 per­cent this year to hire staff and roll out new tools for ad­ver­tis­ers. That’s more than the 33 per­cent in­crease pro­jected by Pa­cific Crest Se­cu­ri­ties, and it un­der­scores the ur­gency of cap­tur­ing a big­ger slice of the $6.97 bil­lion U.S. mo­bile-ad mar­ket. Face­book shares closed Fri­day at $29.73.

CARLA BROYLES/THE WASHINGTON POST

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