Facebook revenue rises 40% in 4th quarter as profit falls 79%

Despite a 40 percent fourth-quarter revenue jump to $1.59 billion, Facebook's profit fell 79 percent, weighed down by spending on new initiatives and charges related to employee stock, the Wall Street Journal reported.

The Internet social networking giant is making progress squeezing more money from advertisers on mobile devices, the Journal reported, but not enough to shake "the burden of Wall Street expectations."