The company’s shares rose 9.5 percent in after-hours trading on Wednesday to $118.39, setting it on track to open at a new high on Thursday.
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Facebook founder and CEO, Mark Zuckerberg speaking of the achievements said that there’s more to be done, and the corporation will not rest on its oars.
Facebook reported first-quarter revenues up 52 percent year-on-year to Dollars 5.4 billion.
50 minutes: This is how much time people around the globe spend every day using Facebook, Instagram, and Messenger, management said during Facebook’s first-quarter earnings call.
Daily active users (DAUs) – DAUs were 1.09 billion on average for March 2016, an increase of 16% year-over-year.
During the announcement of the results it was established that the company’s board of directors have approved a proposal to create a new class of non-voting capital stock, known as the Class C capital stock.
Shareholders will get to vote on the proposal at an annual stockholders meeting on June 20, according to Facebook.
Creating a new type of shares would reduce succession risk, and would encourage the 31-year-old entrepreneur, to be engaged with the social network in a leadership role, said Stretch.
More than 1.5 billion people accessed Facebook from mobile devices in March, which is up 21% from previous year. Last year, Facebook’s share in the digital market was 10.7%, while in 2014 it was only 8.6%. Even though Twitter gained monthly users, it’s revenue missed expectations and sent the company’s stock into a tailspin.
Facebook triples quarterly profit on mobile ad growth. Wall Street was expecting 1.62 billion active users and Facebook reported to have 1.65 billion active users.
Notably absent from the report were revenue figures for Facebook properties Instagram and Oculus, both of which have been ramped up with new features in the past quarter. Mobile advertising continues the growing momentum, which accounted for about 82 percent of total ad revenue, up from 73 percent a year earlier.
Facebook CEO Mark Zuckerberg speaks on stage during a town hall with Indian Prime Minister Narendra Modi at Facebook’s headquarters in California past year.
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“The continued growth in mobile ad penetration signifies the increasing attractiveness of Facebook’s mobile platform to marketers”, said Jim Cramer and Jack Mohr of the Action Alerts PLUS portfolio, which owns Facebook.
