Facebook Chief Financial Officer David Ebersman spoke about a “formidable competitor” at the Morgan Stanley Technology, Media, & Telecom Conference in San Francisco Wednesday, but the social network happens to own that competitor: photo-sharing application Instagram.
How much federal and state income tax did Facebook pay in 2012? If you guessed, “zero,” you were correct, and if you guessed that the social network received $429 million in net tax refunds, you get extra credit.
As Facebook mentioned in its 10-K filing, the site still has a serious problem with fake profiles, used to bolster shady pages’ fan metrics. It appears that the social network did some cleaning up in January, as several countries (notably the U.S. and Indonesia) lost a great number of users last month, according to Quintly. All around the world, more than 4 million users’ profiles were deleted in January.
There were more than 50 million Facebook pages with at least 10 likes as of Dec. 31, 2012, and some 10 million applications were using the social network’s platform, according to its annual form 10-K filed with the Securities and Exchange Commission following the release of its fourth-quarter earnings report last week.