Facebook earnings rise 34%

Facebook posted net income of $701 million in the fourth quarter, a 34 percent increase compared to earnings of $523 million in the same period a year earlier.

Revenue rose 49 percent to $3.85 billion, surpassing estimates of $3.77 billion, according to Fox Business.

Facebook, which acquired messaging app WhatsApp for $19 billion last year, said it had 1.39 billion monthly active users as of Dec. 31. That reflects a 13 percent gain.

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