Facebook has posted its first-quarter results for 2016, and it's clear from the report that the company is absolutely killing it.
Revenues for the period that ended on 31 March hit $5.4 billion, up 57 per cent from the year-ago quarter, when Facebook reported just $3.3 billion. It's also about 10 per cent more than what Wall Street forecasted. It also made $1.51 billion in net income during Q1, a massive spike from the $512 million it made during the year-ago quarter.
For comparison, Twitter added only 5 million users this quarter. Facebook also said that Messenger now has 900 million users and Instagram has 400 million, and that users of these apps spend an average of 50 minutes per day on them.
These strong results drove Facebook's stock up more than 9 per cent in after-hours trading. Tune into Facebook's conference call at 5 pm EST to hear comments from the company's CEO, Mark Zuckerberg.