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Facebook profits tumble, share price down

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Business News | Thursday January 31 2013 12:45

Facebook profits tumble, share price down

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Facebook has reported a sharp drop in profits from a year ago, prompting a fresh decline in the share price of the social network.

Facebook reported a profit of US$64 million ($76.5 million) in the fourth quarter, compared with US$302 million in the same period in 2011.

Revenue grew 40 per cent to $US1.585 billion.

The results triggered a five per cent slide in shares in after-hours trade.

Photo: Getty Images

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