With the IPO just round the corner, the social giant has released an updated Form S-1 with first quarter earnings. Q1 saw $1.06 billion revenues, $205 million in net income. Revenues are up from the previous quarter, which sat at $731 billion, but income is down slightly, from $233 million. Monthly active users of the service are now reported at a whopping 901 million, up from 680 million at the end of Q1 2011. What interesting is that there is no mention of Facebook $1 billion acquisition of Instagram in the Q1 numbers – the deal that happened just this month and Q1 ended on March 31st.
The Q1 numbers just comes at a time when Facebook and Microsoft announced a definitive agreement which the software giant will assign to Facebook the right to purchase a portion of the patent portfolio the company recently acquired from America Online. Facebook has agreed to purchase this portion for $550 million in cash. The company will obtain ownership of approximately 650 AOL patents and patent applications, plus a license to the AOL patents and applications that Microsoft will purchase and own.