Mark Zuckerberg says virtual reality is the obvious next step for Facebook

Facebook has another quarter in the books, and the company’s business continues to boom. Its revenues rose roughly 40 percent year over year, to $4.04 billion. But its net income declined compared to last year, declining from $791 million to $719 million. Its operating margins also tumbled as Facebook’s spending soared. This measure of profitability slumped from 48 percent this time a year ago to 31 percent this quarter.

On today’s earnings call, chief financial officer David Wehner said that the company had added a near record number of new employees this quarter, most in research and development, which helps explain the change in margins. R&D spending is focused on fun things like drones and lasers that beam down internet access and of course, virtual reality.

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