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Facebook profit falls 9 percent as costs soar| Reuters

Jul 30, 2015    

Facebook Inc (FB.O) said quarterly revenue beat forecasts but profit fell 9 percent at the social media company on heavy spending to boost mobile revenue and future growth.The company had warned that 2015 would be a year of heavy investment, but analysts have said this is likely to translate into significant revenue streams in coming years.Total costs and expenses jumped 82 percent to $2.77 billion in the three months ended June 30, Facebook said on Wednesday.Facebook Chief Operating Officer Sheryl Sandberg said in an interview the huge increase in expenses was for "growth we need now and...

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