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) to purchase $550 million worth of the patents that Microsoft received from AOL ( AOL).

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.

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-- Written by Chris Ciaccia in New York

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