The social media giant reported a 52% rise in first-quarter revenue to $5.38 billion, with mobile ads accounting for 82% of all advertising sales.
Yelp's CEO credits Frolik with playing a "crucial role" in its transition from startup to public company.
The social network sheds $11 billion in market value as the stock suffers its sharpest drop since LinkedIn's 2011 initial public offering.
The Google business unit of Alphabet generated $21.2 billion in revenue, an 18% increase from a year earlier.
Advertising revenue in the fourth quarter rose 57%, to $5.64 billion, beating analysts' average expectation of $5.15 billion.
The acquisition of video streaming provider Ustream adds a fourth piece to IBM's planned enterprise video offering.
Services like Airbnb are altering the economics of the hotel business.
Internet rights groups say Facebook has made unfounded attacks on those "who have fought, and who continue to fight, for Net Neutrality."
Facebook took down 20,568 posts and other pieces of content that violated local laws in the first half of 2015.
U.S. authorities say James Craig caused more than $1.6 million in losses to investors by falsely tweeting that companies were under investigation.