California revenues in November were $840 million below the forecast in the state's budget mainly due to lower tax collections from Facebook's initial public offering, according to the Department of Finance.

Aside from also being lower, revenue stemming from the Internet company's share sales came more in October than expected, leaving estimates for November short, according to the department. Higher-than-anticipated tax refunds by corporations during the month also contributed to the drop, the DOF said.

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