NEW YORK (AP) -- Facebook is reporting, ahead of its initial public offering, expected in May, that its first-quarter net income fell as its revenue rose by comparison with a year earlier.
Facebook Inc. said in a regulatory filing on Monday that its net income fell 12 percent to $233 million from $205 million in the three months that ended March 31. Net income attributable to common shareholders fell to $137 million from $153 million. That amounts to earnings of 9 cents per share in the latest quarter, down from 11 cents a year earlier.
The company said that higher expenses pushed down its earnings as its revenue rose 45 percent to $1.06 billion.
Facebook says it had 901 million monthly active users as of March 31, up from 680 million a year earlier.