With its planned initial public offering just weeks away, social networking juggernaut Facebook reported that its first-quarter profit fell 12% thanks to a dramatic increase in the company’s expenses as it continues its torrid growth. In an amended IPO filingwith the SEC, Facebook also disclosed that it has passed 900 million users, and provided details on its blockbuster $1 billion purchase of photo-sharing start-up Instagram. The new details came as Facebook announced plans to spend $550 million to bolster its patent portfolio amid a growing intellectual property dispute with Yahoo.
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