Facebook grew its revenue by 49% during the first three months of the year, blowing past Wall Street's revenue and profit targets on the back of strong mobile ad growth.
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Facebook beats across the board with $8 billion revenue and closes in on 2 billion users (FB)
Facebook grew its revenue by 49% to $8 billion for its first-quarter earnings, beating Wall Street’s expectation of $7.83 billion.
The world's largest social network continued to grow its audience during the first quarter, coming just shy of the 2 billion mark
Shares of Facebook were down roughly 2% in after hours trading, despite the solid results.
Here are the key numbers from Facebook’s Q1:
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- Revenue:
- Monthly active users:
- Daily active users:
All eyes are on what Facebook has cautioned to be a "meaningful" slowdown in revenue growth this year as it reaches the limit of the number of ads it can show in the News Feed. Luckily, the company is starting to ramp up with Instagram and video ads, which Wall Street sees as two key growth drivers.
Facebook CFO Dave still in their “earlier days” of testing.
Facebook doesn't break out how much money it makes from Instagram, but eMarketer predicts the app to reach $3.9 billion in ad revenue this year, up 106% from the year prior.
Looking ahead, Wehner said the company plans to significantly increase its spending as it hires more employees and builds more data centers and internet infrastructure projects. He said that 1,700 new employees were added during the first quarter, a company record.
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Here are some charts showing Facebook's growth from Q1:
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