RENEE MONTAGNE, HOST: NPR's business news starts with profits for Facebook.</s>RENEE MONTAGNE, HOST: Facebook announced its latest quarterly results, reporting revenues just under $1.5 billion.</s>DAVID GREENE, HOST: The company showed a profit of nearly $220 million for the quarter but this fell short of analysts' expectations. CEO Mark Zuckerberg blamed the missed target on higher costs. Company spending is up 60 percent this quarter over the previous one due to hiring and new developments.</s>RENEE MONTAGNE, HOST: But the investments seem to be paying off with Facebook's mobile strategy. It has more than 750 million active mobile users and mobile advertising now accounts for 30 percent of Facebook's ad sales.
The company showed a profit of nearly $220 million for the quarter but it fell short of analysts' expectations. CEO Mark Zuckerberg blamed the missed target on higher costs. Company spending is up 60 percent this quarter over the previous one due to hiring and new developments.