Facebook AOL PatentsThere was speculation that Facebook was interested in AOL’s patents that Microsoft scooped up last week for $1.1 billion, and might have been involved in the original bidding. Those rumors just may have been true after this morning’s news that the social-media giant will acquire 650 of those 800 AOL patents from Microsoft and license the ones Microsoft will keep. Bloomberg reports that the deal is worth $550 million. It’s unclear which patents drew Facebook’s interest; the available ones involve processes for handling things like e-commerce, travel navigation, and search-related advertising. Microsoft, meanwhile, will license the Facebook-owned patents as well as the ones AOL retained. It’s possible that the move to spread the wealth over two companies will help grease the wheels of regulatory approval, as Microsoft has agreed to pay AOL $211.2M if the government blocks the deal, according to an SEC filing.

In an update later this morning, Bloomberg reported on another Facebook filing that reported mixed financial results in the first quarter of the year. Facebook reported its first quarter-to-quarter slide in revenue since 2010 as net income fell to $205 million. Expenses surged to $677 in the first quarter, attributed to the increased marketing costs as the social networking site prepares for its IPO. More positively for the company daily active users rose to 526 million, up 41% from the same quarter a year ago. Its total user base grew by a third, to 901 million, last quarter.

Related: AOL Dissident Investor Says $1.1B Patent Sale Doesn’t Solve Operational Problems