The site did not provide details as to why Yu, a former Yahoo and YouTube exec, was fired, but Facebook reps did say that they were searching for a replacement with experience running a public company - a tentative sign that Facebook could be gearing up for an initial public offering.
Facebook said it beat its own projections and will increase revenue by 70 percent this year, a positive indication that recent negative buzz about the company's financial state could be overblown.
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Yu did not return the Times' calls for comment. Anything else about his departure Facebook kept behind a wall.