Facebook reported first-quarter revenues up 52 percent year-on-year to Dollars 5.4 billion.
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People are now spending more than 50 minutes a day using a combination of Facebook, Instagram and Messenger, the company said on Wednesday. “We are focused on our 10 year roadmap to give everyone in the world the power to share anything they want with anyone”, he added.
Mobile advertising made up 82% of the total advertising revenue for the quarter, up from 73% on the same period a year ago. It boasted 1.65 billion monthly active users as of March 31, up from 1.44 billion a year earlier. The number of those who are active on mobile devices each month grew to 1.5 billion.
Facebook also announced that its board of directors has approved a plan to create a non-voting class of stock meant to raise capital while leaving Mr Zuckerberg in control of the company’s vision and direction.
There was no reason to think he planned to leave Facebook any time soon, but the new class of stock will allow him to keep “founder control” of the company even if the proportion of shares he owns is reduced.
Shareholders are scheduled to vote on the proposal at the company’s annual meeting on June 20.
This is not a traditional governance model, but Facebook was not built to be a traditional company.
The new proposal announced by the board of executives will “maintain and improve” the current Facebook’s structure, said Stretch.
After hearing the first-quarter figures, investors will likely back the move.
CEO Mark Zuckerberg used the strong earnings report to talk up his lofty goals for the social networking giant. Income from operations was up 115-percent, growing to $2+ billion; as well, net income increased 195-percent year-on-year. Instagram, on the other hand, has 400 million users.
Facebook Inc. (NASDAQ: FB) surprises Wall Street again after the company posted another massive quarterly earnings beat due to strong growth in mobile-advertising business. Analysts expected $5.25 billion in revenue and 62 cents EPS, which the social network handily exceeded.
Facebook added 3 million customers in the USA and Canada during the first three months of the year, and 63 million from the rest of the world.
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Facebook opened up Instagram, its photo-sharing app, to advertisers past year and the application is in the early innings of a growth cycle.
