Facebook profit surges 76.6 percent as ad sales jump

04 May, 2017, 00:57 | Author: Sam Montgomery

Facebook announced it has beaten analyst expectations for its first quarter results with revenue topping $8bn and quarterly profit up 76.6 per cent.

Revenues for the quarter surged 49 percent to $8.03 billion from $5.38 billion a year ago.

Mobile advertising revenue - Mobile advertising revenue represented approximately 85% of advertising revenue for the first quarter of 2017, up from approximately 82% of advertising revenue in the first quarter of 2016. It wasn't immediately clear if the 77-cent figure corresponded with Q1 2017 earnings of $1.04.

Facebook (FB) this afternoon reported Q1 revenue and net income that was slightly ahead of consensus, but still saw its stock trade lower after market by a little bit. Results came in above what analysts were looking for this past quarter.

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Facebook still makes most of its money in North America, where the company generated $17.07 of revenue with each and every user during the quarter, an increase of 37 percent over the same quarter past year.

Revenue: $8.03 billion vs. $7.83 billion expected, up 49% from the year-ago period. "We're continuing to build tools to support a strong global community".

What's more: Facebook (FB, Tech30) now has 1.28 billion people who use its services every single day, up from 18% year-over-year. But some were already confident Facebook remains on the growth track, partly thanks to rapidly increasing ad revenues at its Instagram photo and video sharing app.

The company is no longer reporting non-GAAP information for expenses, income, tax rate and EPS. Despite the earnings beat, shares in the social network were down 40 cents to $151.19 in after-hours trading.

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