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Shares of Facebook (NASDAQ:FB) slipped 0.83 percent on Thursday, but shares are catching a bid in late afternoon trading. The social media company received multiple downgrades as it expects to ramp up spending this year. Due to hiring and investment plans, Facebook expects total expenses to grow in the neighborhood of 50 percent in 2013. Mark Zuckerberg, chief executive officer, explains, “We made the decision to continue to grow our headcount quickly in 2013, particularly in product development. This will likely cause our expenses to grow at a faster rate than we expect to grow our revenue this year. This means that we aren’t operating to maximize our profits this year.” Zynga (NASDAQ:ZNGA) also traded lower in late afternoon trading.
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