Facebook warns of drastic increase in spending next year

Facebook has warned of a drastic increase in its spending next year and has cautioned its revenue growth will slowdown in the fourth quarter. The social networking site said that it would be spending up to 75% more next year.
Following the announcement, shares in the social network fell almost 10% in after hours trading, the BBC reports. The warning came after it reported third quarter revenues of 3.2bn dollars (1.98bn pounds) well ahead of analysts' forecasts, the report said.