Facebook unveils Nasdaq listing ahead of IPO as revenues slide

FACEBOOK last night revealed it will list on the tech-favourite Nasdaq stock exchange when it floats next month in the year’s most anticipated IPO.

But in the same SEC filing the social network reported its first quarter-on-quarter earnings slide in at least two years as its revenues fell 6.5 per cent and profits dropped 32 per cent on the final period of last year.

Facebook put the sequential quarterly decline down to seasonal trends, saying that its advertising income traditionally slows in the first three months of the year.

First quarter profits were down year-on-year, falling 12 per cent to $205m (£127.2m) despite revenues rising 45 per cent to $1.06bn.

The updated SEC filing also revealed that Facebook paid $300m in cash and 23m shares for its recent acquisition of Instagram.

The internet giant announced separately yesterday that it has agreed a $550m deal to buy 650 AOL patents from Microsoft, which bought a trove of trademarks for $1bn earlier this year. Facebook is currently embroiled in a patent spat with Yahoo.