Facebook, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported revenue of $3,851 million against $2,585 million a year ago. Income from operations was $1,133 million, income before provision for income taxes was $1,114 million, net income was $701 million, net income attributable to Class A and Class B common stockholders was $696 million or $0.25 diluted per share against income from operations of $1,133 million, income before provision for income taxes of $1,130 million, net income of $523 million, net income attributable to Class A and Class B common stockholders of $520 million or $0.20 diluted per share for the same period a year ago. Net cash provided by operating activities was $1,583 million against $1,231 million for the same period a year ago. Purchases of property and equipment were $517 million against $483 million for the same period a year ago. Non-GAAP income from operations was $2,219 million against $1,498 million for the same period a year ago. Non-GAAP net income was $1,518 million against $814 million for the same period a year ago. Non-GAAP diluted earnings per share were $0.54 against $0.32 for the same period a year ago.

For the year, the company reported revenue of $12,466 million against $7,872 million a year ago. Income from operations of $4,994 million, income before provision for income taxes was $4,910 million, net income was $2,940 million, net income attributable to Class A and Class B common stockholders was $2,925 million or $1.10 diluted per share on revenue of $7,872 million against income from operations of $2,804 million, income before provision for income taxes of $2,754 million, net income of $1500 million, net income attributable to Class A and Class B common stockholders of $1,491 million or $0.60 diluted per share for the same period a year ago. Net cash provided by operating activities was $5,457 million against $4,222 million for the same period a year ago. Purchases of property and equipment were $1,831 million against $1,362 million for the same period a year ago. Non-GAAP income from operations was $7,207 million against $3,948 million for the same period a year ago. Non-GAAP net income was $4,713 million against $2,334 million for the same period a year ago. Non-GAAP diluted earnings per share were $1.77 against $0.93 for the same period a year ago.

Looking at 2015, there are a couple of things. The first involves how the recent movements in exchange rates might impact its 2015 revenue. Assuming exchange rates were to remain constant at current levels, the company expects that its total revenue in 2015 would be approximately 5% lower than it would be under 2014 exchange rates. Note this 5% represents the expected reduction in 2015 total revenue, not the reduction in the year-over-year growth rate. And second, the company is reporting revenue from Atlas, LiveRail and the Audience Network on a net, not a gross basis, so the growth in those products will have less of an impact on the overall reported revenue growth in 2015. The company expects that its full year 2015 total GAAP expenses will increase 55% to 70% compared to 2014. The company expects that its 2015 total non-GAAP expenses will increase 50% to 65%. The company expects amortization expenses for 2015 to be approximately $700 million to $800 million. And finally, the company anticipates its first quarter and full year 2015 GAAP tax rates to be in the mid to high 40s and non-GAAP rates to be in the mid to high 30s.