Facebook’s rise in overall ad revenue helped the company beat Wall Street expectations on its quarterly earnings, but promises from the company to continue spending heavily in hiring and new initiatives kept investors from sending the stock price soaring.The company reported this week that its overall revenue increased 40 percent to US$1.59 billion, compared to the $1.13 billion from the fourth quarter of 2011. Facebook’s net income dropped, however, falling to $64 million compared to $302 million from the same time a year earlier.The social network’s overall ad revenue increased 41 percent to $1.33 billion on the quarter. Mobile ads accounted for 23 percent of that total, for $153 million in revenue, up from the 14 percent of total ad revenue mobile earned in the third quarter of 2012.The mobile space is particularly important for Facebook, as many of its more than one billion users are turning to their smartphones and tablets to interact with the site. The company has recently tried new ways to increase its mobile presence, such as revamping its mobile messaging service and bolstering its location-based features.CEO Mark Zuckerberg went so far as to call Facebook a “mobile company” in a conference call following the earnings… Read full this story
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