Facebook reveals in SEC filing that revenues rose but profits fell in first quarter of 2012 The social media giant, which is preparing a $100bn IPO reportedly in May, stated that it saw revenues of $1.06bn in the three months to March 31, 2012, up from $731m in the same period last year. However, profits fell to $205m from $233m. "We presently are involved in a number of other lawsuits, and as we face increasing competition and gain an increasingly high profile, including in connection with our initial public offering, we expect the number of patent and other intellectual property claims against us to grow," Facebook said. "Following the closing of this acquisition, we plan to maintain Instagram's products as independent mobile applications to enhance our photos product offerings and to enable users to increase their levels of mobile engagement and photo sharing," Facebook said of Instagram's future. The Mark Zuckerberg-led company continues to be popular with people across the globe, with the number of monthly active users rising to 901m, up from 680m last year - up 33pc. Of those, 488m used Facebook Mobile products. Daily active users rose to 526m from 372m - up 41pc. With gaming becoming increasingly popular on social media websites, Zynga - the company behind Farmville - contributed 11pc of Facebook's revenues. The internet giant does not "intend to pay dividends for the foreseeable future" and expects available funds to be sufficient to meet "operational cash needs for the foreseeable future." Meanwhile, Facebook also announced on Monday that it is buying a portfolio of 650 web technology patents from Microsoft for $550m, as part of an effort to bolster its defences against a volley of intellectual property infringement claims.