Facebook has said its net income and revenue grew in the first quarter of the year, helped by an increase in mobile ad revenue.
California: Facebook has said its net income and revenue grew in the first quarter of the year, helped by an increase in mobile ad revenue.
Facebook Inc. said that its net income was 219 million dollars in the January-March period, which is up from 205 million dollars in the same period a year ago, when the company was still private, reports CBS News.
Revenue grew 38 percent to 1.46 billion dollars from 1.06 billion dollars.
FactSet said analysts expected revenue of 1.44 billion dollars. Excluding special items, mainly related to stock compensation expenses, Facebook earned 12 cents per share, matching analysts'' expectations.
Menlo Park, California-based Facebook said its mobile advertising revenue represented 30 percent of the total at 375 million dollars, which is up from 23 percent in the fourth quarter.
Facebook founder and CEO Mark Zuckerberg said in a statement that they made a lot of progress in the first few months of the year. He said they have seen strong growth and engagement across the community and launched several exciting products. In after-hours trading, Facebook stock was trading at 27.46 dollars, up 3 cents from closing.