Tuesday, February 5, 2013

Facebook stock prices dropped today

Facebook stock prices dropped today : Facebook Inc (NASDAQ:FB) shares dropped 5.45% to $28.11. The company, on Jan. 31, reported a plunge in fourth-quarter profit on higher spending. Net income fell 79% to $64 million last quarter as operating expenses jumped 82%. That outpaced a 40% revenue gain to $1.59 billion and raised concerns that margins will come under pressure.

Chief Executive Officer Mark Zuckerberg plans to increase expenses, excluding certain costs, 50% this year to hire staff and roll out new tools for advertisers. Profit excluding some items was 17 cents a share. That compares with analysts’ prediction for 15 cents. Analysts had projected $45.8 million in profit on sales of $1.52 billion.insurance shares
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