Facebook's revenue, profit grow, but not as fast as its spending
Social media giant's Q3 expenses jumped 62%, against 41% and 11% rises for revenue and profit respectively
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IT takes money, the adage goes, to make money. And Facebook is spending a lot of dollars to do just that.
The social media giant on Wednesday posted another quarter of robust revenue growth - up 41 per cent in the third quarter from a year earlier to US$4.5 billion - fuelled by its mobile advertising business and an increase in daily users. Net profit rose to US$896 million, up 11 per cent from a year ago.
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