Business, Economics and Jobs

Facebook beats Wall Street earnings forecasts


In this photo illustration, an Instagram photo of the Facebook website app is seen on an Apple iPhone on April 9, 2012 in New York City.


Justin Sullivan

Facebook's fourth-quarter profit today topped Wall Street predictions but fell short when it came to mobile revenue.

Facebook reported a 41 percent revenue increase from a year ago to $1.1 billion, beating Thomson Reuters predictions of 35 percent growth, USA Today reported.

The big news for investors was that the social media giant reported earnings of 17 cents per share, beating the projected 15 cents, or $1.53 billion expected.

CNBC reported CEO Mark Zuckerberg said on an earnings call that Facebook is hiring faster than its revenue.

Zuckerberg explained the long-term strategy, saying he is not focusing on "maximize profits this year," CNBC said.

CFO David Ebersman said the company will aggressively hire in 2013.