The company is also reporting impressive performance in mobile, a crucial growth segment in the industry.
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The market tracker forecast that Facebook would capture Dollars 10.2 billion in display ad revenue in the United States this year to claim 31.2 per cent of the money spent.
During the quarter, they noted that “Game of Thrones” was the most-watched 360 video on Facebook in a 24-hour period with more than 12 million total views. The news is largely excellent across the board, and paints a picture far different than reports of users fleeing the network and flocking elsewhere.
Importantly, Facebook is also making huge progress in terms of monetization. Facebook’s Monthly Active Users were up 4% sequentially and 15% on an annual basis to $1.65 billion while daily users rose 5% sequentially and 16% year over year to 1.09 billion.
Facebook generated revenue of $5.382 billion in the first quarter. Excluding the unfavorable impact from currency fluctuations, the increase in constant currency revenue would have been an even stronger 58%. 82 percent of that came from mobile, up from 73 percent in the first quarter of 2015. The company’s top line was boosted by a 57% year over year growth that raked in $5.2 billion.
The social network on Wednesday said that first-quarter profit was $512 billion, or 52 cents a share, up from $512 million, or 18 cents a share, a year earlier.
Facebook’s board of directors has also approved a proposal to create a new class of non-voting capital stock, known as the Class C capital stock.
The lawsuit, filed in the Delaware Court of Chancery, followed the social networking company’s announcement on Wednesday of its plan to issue the shares.
The final takeaway from Facebook’s big day is that it’s proposing to create a new class of stock that would allow CEO Mark Zuckerberg to remain in an active leadership role as he gives away 99% of his shares in the company to charitable causes.
Zuckerberg said he wanted to “preserve founder-led structure” so he could stay in control of the company.
As Facebook continues to roll out new features that are focused on ramping up mobile advertising, revenue should continue to increase.
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The social media company said the initiative was “not a traditional governance model”, but it qualified its statement by saying “Facebook was not built to be a traditional company”.
