Facebook reported yet another quarter of over 50 percent revenue growth in the first quarter, up 51 percent year-on-year to USD 8.032 billion.
The net profit almost doubled to USD 3.064 billion from 1.738 billion, with diluted earnings per share soaring over 70 percent to USD 1.04 from 0.60.
Ad revenue jumped over 50 to USD 7.857 billion, with mobile ad revenue making up 85 percent of the total, up from 82 percent the year earlier.
Total costs and expenses lifted 40 percent to USD 4.705 billion, while the operating margin improved to 41 percent from 37 percent.
The number of daily active users on Facebook – excluding its other properties such as WhatsApp and Instagram – reached 1.28 billion in March, an increase of 18 percent from the year before. Monthly active users rose by 17 percent to 1.94 billion.
Capex amounted to USD 1.27 billion, while cash, cash equivalents and marketable securities went to USD 32.31 billion.
The company had previously posted a fourth-quarter revenue of $8.8 billion for end December 2016, up more than 50% from a year earlier, reports The Wall Street Journal. Facebook’s audience growth continues to dazzle, as it reached 1.86 billion active users in December and over 1.2 million each day on average.
But the real key will be that users are spending more time watching video on Facebook and Instagram, which gave it more ad slots to sell. CEO Mark Zuckerberg called video a “mega trend” that he likened to mobile.
Keep in mind that Facebook was once a laggard in mobile, and now mobile ads account for an amazing 84% of its revenue. Facebook also confirmed WSJ’s scoop that it will push further into TV-like video content, as Mr. Zuckerberg said he wants people to come to Facebook regularly for premium shows “they watch episodically week-over-week,”