“We had a great start to the year”, said Mark Zuckerberg, Facebook founder and CEO.
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Some of the biggest names in tech are coming to TNW Conference in Amsterdam this May.
If the proposal is approved, the company intends to issue two shares of Class C capital stock as a one-time stock dividend in respect of each outstanding share of its Class A and Class B common stock.
Facebook revealed that approximately 82pc of revenues in the first quarter came from mobile, up from 73pc of advertising revenue in Q1 2015. The number of people who use the website each month rose to 1.65bn, a 15 per cent year-on-year increase.
Profits were up almost 200%, also topping expectations.
Chief Operating Officer Sheryl Sandberg saw the value of her total pay rise 20% to $18.7 billion, boosted by higher salary, bonus and security costs.
Facebook reported first-quarter financial results after the markets closed on Wednesday.
Over the past year, Facebook has launched several new ad types, such as dynamic product ads, which allow users to scroll through items in a company’s product catalog. If successful, such a development would effectively leapfrog the now dominant mobile app economy and allow the company to create its own thriving digital ecosystem.
The company has also been making an aggressive push into video, aiming to swipe away of more of television’s ad dollars. The company also posted earnings per share of $0.77, up from $0.42 a year ago, beating expectations of $0.62.
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Facebook continues to have mobile to thank for its skyrocketing profits. Mr. Mahaney, on the other hand, now maintains an Outperform rating and $160 price target on the stock, reflecting a 45.32% upside potential over its last closing price. In three years, their revenue tripled.
