Author: Nick Steveson

SAN FRANCISCO — When Mark Zuckerberg warned investors three months ago that Facebook’s expenses were going to rise sharply, he really meant it. The company reported on Wednesday that revenue increased 49 percent in the fourth quarter compared to the previous year, exceeding Wall Street’s expectations. But expenses rose even faster, up 87 percent from the same quarter a year ago, driven in part by a huge increase in stock payouts to employees. “We’re very pleased with the growth of our business,” said Mr. Zuckerberg, Facebook’s chief executive, in a conference call with investors to discuss the results. The social network, which makes most of…

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