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Facebook shares fall after spending warning

  • Facebook has warned of a sharp increase in its spending next year and a slowing down of revenue growth in the fourth quarter, according to media reports.

    The firm’s shares fell nearly 10% in after hours trade after its statement that next year's expenses would be up to 75% more.

    The social networking company reported $3.2 billion in revenues for the third quarter, comfortably ahead of analyst forecasts.

    Facebook also reported a profit of $806 million, a 90% increase compared to last year.

     

    Tagged as: Facebook, spending, revenue growth, fourth quarter, shares, social networking, profits, business news