Facebook earnings fall 9 percent

Facebook Inc. reported a 9 percent decrease in quarterly profit as it spent heavily to boost mobile revenue and develop products such as messaging service WhatsApp, photo-sharing app Instagram and virtual reality headset maker Oculus Rift.

Net income dropped to $715 million in the quarter. Revenue increased to $4 billion from $2.9 billion.

Reuters reports the social media network had 1.49 billion monthly active users as of June 30, a 13 percent increase from last year.

Read more from Reuters.