Facebook reports lower 1Q income

Facebook's first-quarter net income has fallen by 12%, weighed down by higher expenses even as its revenue soared, the social networking company said, just a few weeks ahead of its expected initial public offering in May.

Facebook said in a regulatory filing that its net income fell to 205 million dollars (£128 million) in the three months that ended on March 31, from 233 million dollars (£145.6 million) a year earlier.