Microsoft (NSDQ: MSFT) has beaten Google (NSDQ: GOOG) in the race to invest in Facebook, reports WSJ, News.com and others. The investment is $240 million for a 1.6 percent stake, and values the company at $15 billion. The two companies are already an advertising deal until 2011, and this deal also expands on that relationship. The expanded ad deal focuses on international versions of the Facebook service, which Facebook is now starting to open. It said it had about 59 percent of Facebook’s users outside the U.S.

SEE ALSO: Microsoft Seals Display Ad Deal With Facebook; Rivals GOOG-MySpace Deal

Facebook expects a profit of $30 million on revenue of $150 million, according to the WSJ story.

The amount invested is much less that what everyone was expecting, in the $500 million to $1 billion range. This might mean that there’s still room for some private equity or other strategic players to come in. The language in the release also point to more funding coming: “[Microsoft] will take a $240 million equity stake in Facebook’s next round of financing at a $15 billion valuation.”

Update 1: The official release is out: “Under the expanded strategic alliance, Microsoft will be the exclusive third-party advertising platform partner for Facebook, and will begin to sell advertising for Facebook internationally in addition to the United States.”

Update 2: Notes from the conference call on the investment deal are here.