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Shares of Facebook are up 7 percent in after-hours trading, after the company posted first-quarter results that handily beat Wall Street expectations on Wednesday.
Facebook saw revenue of $5.38 billion for the quarter, beating Wall Street's estimates of $5.26 billion by 2.2 percent. Adjusted earnings per share came in at 77 cents in the quarter, 24 percent higher than the 62 cents a share that analysts had been expecting.
The company had seen modest gains during regular trading, with its stock going up 0.12 percent, or $0.13, to $108.89 a share.
"We had a great start to the year," said Mark Zuckerberg, Facebook founder and CEO, said in a statement. "We're focused on our 10 year roadmap to give everyone in the world the power to share anything they want with anyone."
Advertising revenue was $5.2 billion for the quarter, an increase of 57 percent year-to-year. 82 percent of that came from mobile, up from 73 percent in the first quarter of 2015. Revenue from payments and fees for the quarter was $181 million, a 20 percent decrease year-to-year.
GAAP net income was $1.5 billion, while non-GAAP net income for the quarter was $2.2 billion.
Daily active users (DAUs) were 1.09 billion on average, an increase of 16 percent year-over-year, while mobile DAUs were 989 million on average, an increase of 24 percent.
Monthly active users (MAUs) were 1.65 billion on average, an increase of 15 percent year-over-year, while mobile MAUs were 1.51 billion on average, an increase of 21 percent.
(Image source: benzinga.com)
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