NEW YORK (AP) -- Facebook's fourth-quarter financial results surpassed Wall Street's expectations but the company's stock is dipping lower in extended trading.

Facebook Inc. earned $64 million, or 3 cents per share, in the October-December period. That's down from $360 million, or 14 cents per share, a year earlier when it was still a privately held company.

Revenue rose 40 percent to $1.59 billion from $1.13 billion.

Excluding special items, mainly related to stock compensation expenses, Menlo Park, Calif.-based Facebook earned 17 cents per share in the latest quarter.

Analysts polled by FactSet expected lower adjusted earnings of 15 cents per share on revenue of $1.51 billion.

Facebook says it generated 23 percent of advertising revenue from mobile, up from 14 percent in the third quarter.

Facebook's stock is down 4.3 percent to $29.91 after-hours.

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