Valdosta Daily Times

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April 24, 2014

Facebook 1Q results soar; CFO to step down

NEW YORK — Facebook’s earnings nearly tripled and revenue grew sharply in the first quarter, surpassing Wall Street’s expectations thanks to an 82 percent increase in advertising revenue.

The world’s biggest online social network said Wednesday that it earned $642 million, or 25 cents per share, in the January-March quarter, up from $219 million, or 9 cents per share, in the same period a year ago.

Adjusted earnings, which exclude stock compensation expenses and other costs, were $885 million, or 34 cents per share, in the latest quarter.

Facebook’s revenue was $2.5 billion, up 71 percent from $1.46 billion in the same period a year ago.

Analysts, on average, were expecting adjusted earnings of 24 cents per share on revenue of $2.36 billion, according to a poll by FactSet.

Shares of Menlo Park, Calif.-based Facebook climbed $1.63, or 2.7 percent, to $62.99 in extended trading after the results came out. The stock had closed down $1.67, or 2.7 percent, at $61.36 amid a broader market decline.

There were 1.28 billion monthly Facebook users at the end of March, up 15 percent from a year earlier. The number of users who log in every day increased 21 percent to 802 million.

The number of Facebook users who log in at least once a month using mobile devices climbed 34 percent to surpass 1 billion for the first time. Daily mobile users were 609 million, up 43 percent from a year ago.

Advertising revenue totaled $2.27 billion. Of this, mobile advertising accounted for $1.34 billion, or 59 percent.

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