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Profit explodes at Facebook, but a virtual reality suit causes $500m hit

FACEBOOK'S profit shot sky high in 2016, rising 177 per cent to $10.2bn (£8.1bn) for the year ended 31 December, despite a $500m payout for its virtual-reality firm Oculus, which came under fire for breaking a non-disclosure agreement.

Revenue for the fourth quarter was up 51 per cent to $8.8bn, pushing sales for the year ended 31 December to $27.6bn, up a whopping 54 per cent from the previous year.

Advertising takings hit $8.6bn over the three-month period, 84 per cent of which wa

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