NEW YORK (
(FB - Get Report)
shares fell following its fourth-quarter earnings release, despite results beating Wall Street expectations.
The social-networking giant reported non-GAAP earnings of 17 cents per share on $1.585 billion in revenue, as revenue jumped 40%. Revenue from advertising was up 41% to $1.33 billion, 84% of total revenue. Mobile revenue represented 23% of advertising revenue in the fourth quarter, up from 14% in the third quarter.
Payments and other fee revenue was $256 million, which was four months' worth of revenue for accounting reasons. Adjusting for the extra month, payments revenue was essentially flat.
Analysts polled by
expected the social networking company to earn 15 cents a share on sales of $1.53 billion in the fourth quarter. Last quarter, Facebook posted adjusted earnings of 12 cents a share on revenue of $1.26 billion.
"In 2012, we connected over a billion people and became a mobile company," said Mark Zuckerberg, Facebook founder and CEO. "We enter 2013 with good momentum and will continue to invest to achieve our mission and become a stronger, more valuable company."
As of the end of the quarter, Facebook had $9.63 billion in cash and cash-equivalents on its books.
Facebook will hold a conference call at 5 P.M. EST to discuss the results.
Shares of Facebook moved higher during the regular session, gaining 1.5% to close at $31.24. The stock is moving lower in extended-hours trading, down 3.6% to to $30.13, according to
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-- Written by Chris Ciaccia in New York