Facebook grows revenue 40 percent in fourth quarter

Facebook Inc's revenue in the fourth quarter grew 40 percent year-on-year to $1.585 billion.

The Web social networking company said it earned $64 million, or 3 cents per share, compared to $302 million, or 14 cents per share, in the year-ago period.

(Reporting by Alexei Oreskovic; Editing by Phil Berlowitz)