Facebook profit off as it shifts toward mobile
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.