Facebook has released its first quarter earnings today and revealed how the social network has been doing over the last 90 days, including posting numbers that shows it is continually growing, adding users, and dominating mobile devices.
The company, as of 31 March, claimed it has 1.44 billion monthly active users, a 13 per cent increase compared to the year-ago quarter. It also has 1.25 billion monthly active users on mobile, a 24 per cent increase year over year. As for people who use the social network every day, Facebook reported 936 million daily users, which is a 17 per cent uptick since the same period last year.
During an earnings call, Facebook's CEO, Mark Zuckerberg, also noted users are conducting more than 1 billion searches on mobile every day. On to the financial bits, Facebook posted revenue of $3.45 billion (up 42 per cent from the year-ago quarter) and net income of $1.19 billion (up 28 per cent from the first quarter of 2014). The company also said 73 per cent of its revenue came from mobile adverts.
That means mobile advert revenue grew 14 per cent year over year. In terms of spending, Facebook costs totaled $2.61 billion (an increase of 83 per cent year over year), and a big chunk of those expenses during the three-month period went toward research and development. Zuckerberg indicated Facebook plans to continually invest in those areas, which include things like drones and virtual reality.
Analysts had expected Facebook to report 40 cents per share on $3.56 billion in revenue, according to a consensus from Thomson Reuters. Although analysts forecasted Facebook's revenue to be higher, Zuckerberg described Q1 as "a good quarter and a good start to the year". Tune into the company's conference call at 2 PM PST to hear executives discuss more about the earnings.
Facebook shares fell about 3 per cent in after-hours trading.