Profits drop during first three months of 2012, but advertising revenue up 37% and Facebook now boasts 901m monthly users.

This article titled “Facebook's earnings and revenues slip ahead of $100bn IPO” was written by Dominic Rushe, for guardian.co.uk on Monday 23rd April 2012 21.09 UTC

Facebook's earnings and revenues fell in the first quarter of 2012, the company said in a regulatory filing ahead of what is expected to be a $100bn stock market sale.

The company has been spending heavily in the initial public offering (IPO). It said seasonal factors were also to blame for the slip, as advertisers spent less in the first quarter compared with the last three months of last year.

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