Facebook tops expectations with strong mobile revenue

Facebook again exceeded expectations with strong revenue growth as the social network finds gains on mobile.

Facebook is valued at more than $200 billion, but the social network still continues to come out ahead of Wall Street’s expectations with ballooning sales.

The company exceeded analysts’ revenue forecasts for the tenth consecutive quarter in Tuesday’s report, which detailed profits of $806 million, or 30 cents a share, on sales of $3.2 billion, the first time Facebook has topped $3 billion in revenues in a single three-month period. Analysts had expected Facebook to report revenues of $3.12 billion, according to a Thomson Reuters survey.

Berkshire Hathaway plans sale to focus on newspapers

Berkshire Hathaway’s media unit is selling its marketing company to a Wisconsin group, so it can focus more on its newspapers.

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Warren Buffett’s company announced the sale of World Marketing Inc. to businessman Robert M. Kraft on Tuesday. Terms were not disclosed.

Terry Kroeger, who leads BH Media, says the direct mail business that handles more 1 billion pieces of mail annually is no longer a core part of the business that now includes more than 30 newspapers.

Homeownership rate falls to lowest rate in 19 years

The homeownership rate fell to the lowest in more than 19 years as the market shifted toward renting and tight credit blocked some potential buyers.

The share of Americans who own their homes was 64.4 percent in the third quarter, down from 64.7 percent in the previous three months, the Census Bureau said in a report Tuesday. The rate was at the lowest level since the first quarter of 1995.

The share of first-time buyers was 29 percent in September for the third straight month, compared with about 40 percent historically, according to the National Association of Realtors.

Wynn Resorts officials discuss plan for polluted site

About 100 people gathered Tuesday night to hear Wynn Resorts officials discuss their plan to clean up the polluted former chemical plant site in Everett where it wants to build a $1.6 billion resort casino.

Robert DeSalvio, who is overseeing the development, was among the company officials attending the event at Tufts University, sponsored by the Mystic River Watershed Association. Wynn wants to redevelop the former Monsanto Chemical Co. site along the Mystic River and straddling the Boston city line. Environmental tests have shown that the soil, groundwater and river sediment at the site contains substantial levels of arsenic, lead, copper and other heavy metals.


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