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Facebook shares rose by as much as 20% overnight on news the firm beat analyst expectations on profits and earnings.

Apple, the world's largest company, revealed profits in the fourth quarter missed analysts' estimates, prompting a share price drop of 1.5% in after-hours trading.

Markets across the US and Asia closed sharply lower overnight as investors switched to risk-off mode en masse.

Facebook, the social networking giant, saw its shares jump 14% after the US market closed yesterday following an update from the group which showed a major revenue boost from mobile ads.

Bill Gates has been named the wealthiest American for the 19th year in a row, according to Forbes' rich list.

Facebook founder Mark Zuckerberg has said he will not sell any of his shares in the company for at least a year in a move to boost investor confidence, after shares in the social networking giant sank to a new low.

Shares in social networking giant Facebook have hit a new low, falling another 6% after the first lock-in period ended and its largest investors were able to sell the stock.

Swiss investment bank UBS is set to sue US stock exchange Nasdaq over its mis-handling of the Facebook flotation, after it emerged today its bet on the firm cost it $356m.

Facebook shares have fallen 15% after the company reported a drastic slowdown in revenue growth and failed to reassure investors on its ability to boost advertising growth.

Facebook shares fell 10% in after-hours trading after the company revealed a second quarter loss of $157m as revenue growth slowed.