Facebook Inc reported a 76.6 per cent surge in quarterly profit on Wednesday, fueled by robust growth in its mobile ad business.
Earnings came in at $1.04 a share.
The company's mobile advertising revenue climbed as a proportion of total revenue by three percentage points, to 85%. It wasn't immediately clear if the 77-cent figure corresponded with Q1 2017 earnings of $1.04.
Facebook has had quite a busy quarter, launching a bevy of features and apps to incentivize users to either keep coming back or signing up for an account. Revenue was $8.03 billion, up from $5.38 billion and above the FactSet consensus of $7.83 billion. Despite the earnings beat, shares in the social network were down 40 cents to $151.19 in after-hours trading. FB recently become the fifth largest company in the world, and one would be hard pressed to find a stronger-looking company - or stock chart - heading into tonight's report.
Facebook (NASDAQ:FB) reported first quarter earnings after the bell today, that missed street view.
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The company has been in the news lately less for its business, which remains almost all advertising, than its own impact on news and culture, in particular the recent furor over people livestreaming killings, suicides and rapes on the site and ongoing concerns about Facebook's role in fake news influencing the presidential election.
"We had a good start to 2017", he intoned.
Daily active users rose 18 percent to 1.28 billion on average for March, while monthly active users increased 17 percent to 1.94 billion. Instagram recently said it now has 700 million monthly users, double two years ago.
EMarketer estimates that Facebook will generate $36.29 billion in net digital ad revenue in 2017, up 35% from a year ago.