“Facebook Inc. (FB), the social network that plans an initial public offering, said sales rose 45 percent to $1.06 billion in the first quarter, a slowdown from the growth pace in the preceding period.
Sales climbed from $731 million a year earlier, according to a regulatory filing by Menlo Park,California-based Facebook. Net income fell 12 percent to $205 million from $233 million. Sales had risen 55 percent to $1.13 billion in the fourth quarter, and net income had climbed 20 percent.
Facebook also disclosed details of its plan, unveiled April 9, to buy Instagram. The company financed the $1 billion deal with 23 million shares and $300 million in cash. Facebook valued its shares at $30.89 apiece as of Jan. 31.
Facebook is rolling out new advertising services to step up competition with Google Inc. (GOOG) and Yahoo! Inc. (YHOO)During the first quarter, Facebook said it would add mobile advertising along with new ads to reach users when they log off the company’s website. Facebook aims to raise $5 billion in what will probably be the largest Internet IPO in history. The company might seek a valuation of $75 billion to $100 billion, people familiar with the matter have said….”
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