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Facebook May Push IPO to June: Report

NEW YORK ( TheStreet) -- Facebook could be keeping its status as private a bit longer than previously expected.

According to CNBC's Kate Kelly, the social networking giant may push its initial public offering back to June from the current expectation for a May debut, mainly because of a recent spate of deal activity. Kelly cited sources close to the matter.

It had been the prevailing thought that Facebook would go public as early as next month, with a roadshow starting in the next couple of weeks.

Recently though, CEO Mark Zuckerberg has been wheeling and dealing, most notably undertaking the $1 billion Instagram acquisition.

On Monday Facebook announced a deal with Microsoft (MSFT - Get Report) to purchase $550 million worth of the patents that Microsoft received from AOL (AOL - Get Report).

The company filed an amended S-1 on Monday as well, showing declining revenues and rising costs. Facebook said it generated revenue of $1.06 billion for the first three months of 2012, 6% lower than the fourth-quarter of 2011. That total was still 45% higher than its top-line performance the first-quarter of 2011.

Facebook's cost of revenue, soared 66% year-over-year to $110 million, as data center costs and headcount increased during the time frame.

Facebook could not immediately be reached for comment for this story.

Interested in more on Microsoft? See TheStreet Ratings' report card for this stock.

Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.

-- Written by Chris Ciaccia in New York

>To follow the writer on Twitter, go to http://twitter.com/commodity_bull.

>To submit a news tip, send an email to: tips@thestreet.com

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