Facebook’s net income was $1.51 billion for the period between January and March of the year, up from $512 million in the same period last year.
Advertisement
Facebook yesterday revealed revenue of $5.38bn for the first quarter, ahead of analyst expectations and up 53 per cent on the same quarter a year ago.
Total revenue rose to $5.4bn from $3.5bn while daily active users hit 1.1 billion on average in March – up 16% – with those using mobile devices nearing the one billion mark at 989 million. Facebook’s monthly active users were 1.65 billion in the first quarter, topping analysts estimate of 1.63 billion.
“We’re focused on our 10-year roadmap to give everyone in the world the power to share anything they want with anyone”, he added.
Shares in the company surged 9.5 percent in after-hours trading to $118.39 – nearly triple the value of its IPO four years ago.
Noteworthy in this quarter is Facebook’s proposal offering of C-class shares – non-voting entities granted to A-class FB holders at two per.
Stretch went on to say that Facebook’s directors believe that a “large part” of the company’s success has come from Zuckerberg and that he should continue to be in charge.
Facebook generated revenue of $5.382 billion in the first quarter.
Facebook’s latest financial earnings smashed expectations, propelling shares in the social network to a fresh all-time high on Thursday (April 28).
Mobile advertising revenue – Mobile advertising revenue represented approximately 82% of advertising revenue for the first quarter of 2016, up from 73% of advertising revenue in the first quarter of 2015.
“Facebook just keeps getting stronger and stronger every quarter”.
Stock holders meet in June and will vote on the proposal then.
The new class of shares should allow Mark Zuckerberg to give away his fortune earlier than planned and still allow him to remian in control of Facebook.
According to www.thestreet.com, Facebook will focus on investing in its ecosystems in the near term, Zuckerberg said during the call with investors.
In addition, the Facebook founder said users were spending more than 50 minutes per day on Facebook, Instagram and Messenger.
Advertisement
Facebook has moved beyond its role in social networking to ramp up its messaging platform, and has also moved into virtual reality with its Oculus headsets for which orders have begun.
