Facebook's Quarterly Sales Rise 45 Percent to $1.1 Billion

Facebook said Monday its sales rose 45 percent to $1.1 billion in the first quarter and net income fell 12 percent to $205 million.

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Results at the social networking company, which is planning an initial pubilc offering, have slowed in recent months, judging from its quarterly numbers. In the fourth quarter last year, revenue soared 55 percent while net income jumped 20 percent.

In its SEC filing Monday, Facebook also disclosed details of its purchase of Instagram, a $1 billion deal that combines 23 million Facebook shares with $300 million cash. The deal, therefore, values Facebook's pre-IPO shares at ust under $31 apiece.

Facebook's IPO is expected to be the biggest Internet IPO in history, raising about $5 billion and valuing the company from $75 bilion-$100 billion.