Facebook reported first-quarter earnings Wednesday, with revenue up… (Marcio Jose Sanchez / Associated…)
Facebook reported first-quarter financial results Wednesday afternoon that exceeded expectations, including revenue that was up 38% and profit that rose 7% year-over-year.
The Menlo Park, Calif., company said profit totaled $219 million, or 9 cents a share, compared with $205 million, or 9 cents, in the year-earlier quarter.
Excluding one-time items, the social network earned 12 cents a share.
Revenue totaled $1.46 billion, compared with $1.06 billion a year earlier. Revenue from advertising was $1.25 billion, which represented 85% of total revenue and a 43% increase over the same quarter last year.
Mobile advertising revenue, a closely watched metric, represented about 30% of advertising revenue for the first quarter, up from 23% in the previous quarter.
VIDEO: Samsung Galaxy S4 unboxing
Analysts polled by FactSet were expecting Facebook to report earnings of 12 cents a share on revenue of $1.44 billion.
Facebook had 665 million daily active users on average for March, a 26% year-over-year increase. Monthly active users totaled 1.11 billion as of March 31, a 23% increase. Mobile monthly average users were 751 million, up 54%.
"We've made a lot of progress in the first few months of the year," Facebook Chief Executive Mark Zuckerberg said in a statement. "We have seen strong growth and engagement across our community and launched several exciting products."
So far this year, Facebook has launched Facebook Home, a mobile experience for the Android operating system, and several new advertising products. The company's Instagram app recently reached 100 million monthly active users.
The company will host a call with analysts at 2 p.m. to discuss its earnings.
Facebook released its earnings after the markets closed. During regular trading, its stock was down 34 cents, or 1.2%, to $27.43.
After hours, shares dipped slightly after earnings were reported.
Facebook gets more in your face
Facebook Home off to slow start on Google Play
Facebook users are not making themselves at Home, analyst says