Facebook revenue tops expectations off the back of rising mobile ad sales

The social network reported revenue of $8.03 billion for the first quarter of 2017, a 49 percent jump over the same quarter 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.

In the same quarter a year ago, the social networking firm reported GAAP earnings of 60 cents per share on $5.38 billion in revenue.

Facebook had another strong quarter to start 2017, scoring $8.03 billion in revenue and $1.04 EPS in Q1.

This story has not been edited by Firstpost staff and is generated by auto-feed. The stock has gained 14% since its last earnings report on February 1, so there's clearly been very strong follow through to the initial post-earnings pop. In Europe, revenue per user grew nearly equally strong, shooting up 36 percent to $5.42 per head.

On Wednesday, Facebook Chief Executive Mark Zuckerberg (pictured) said Facebook would add 3,000 people to its 4,500-person staff to monitor for violent videos more closely.

That would give Facebook a 22.6 percent share of the worldwide mobile ad market, with arch-rival Google projected to be the leader with a 35.1 percent share, according to eMarketer. Analysts had projected $1.12 based on an adjusted calculation that Facebook no longer reports.

Monthly active users, at 1.94 billion, exceeded the Street's expectation for 1.91 billion. Daily active users came in at 1.28 billion vs. the 1.26 billion that had been forecast for the first quarter. Most companies also offer what are known as non-GAAP numbers with adjustments that usually show their results in a more favorable light. Despite the earnings beat, shares in the social network were down 40 cents to $151.19 in after-hours trading.

  • Carolyn Briggs