Facebook purchases Instagram for $1 billion

Agence France-Presse (AFP), via ABS-CBNNews.com, reports that Facebook announced on Monday, April 9 that "it had reached an agreement to acquire Instagram, describing it as ’a fun, popular photo-sharing app for mobile devices,’ for $1 billion in cash and shares."

The report noted that Facebook has "more than 845 million users, [of which] 483 million who log in daily." The company has an estimated value of $75 billion to $100 billion.

For more on this story, read the AFP article in ABS-CBNNews.com.