Social networking firm Facebook filed its quarterly results. And while revenues rose by 42 percent to stand at $3.5 billion, its net profits fell to $512 million – that’s a 20 percent drop compared to the same quarter in its last financial deal.
Facebook’s costs were higher – the firm said it was investing serious dollars in research and development.
Its revenue from advertising amounted to $3.32 billion for the quarter, up 46 percent compared to the same quarter last year.
And, significantly, mobile advertising revenues now accounts for 73 percent of its total advertising compared to 59 percent in its first financial quarter of 2014.
Its costs and expenses for the first quarter amounted to $2.61 billion – up 83 percent from the equivalent quarter last year.
CEO Mark Zuckerberg described the results as being a strong start to its financial year.