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Facebook beat analysts expectations on earnings and revenue as marketers continued to lap up mobile adverts on the world’s largest social network.

Diluted earnings per share came in at $1.04, a 73 per cent increase year-on-year, compared to an average analyst estimate of adjusted earnings of 87 cents per share.

Revenue was $8bn, higher than the consensus forecast for $7.8bn in the first quarter and mobile advertising sales made up 85 per cent of advertising revenue, up from 82 per cent for the same period the year before.

Facebook said it would stop reporting earnings per share, as well as non-GAAP expenses, income and tax rate.

Mark Zuckerberg, founder and chief executive, said it had a “good start to 2017”. “We’re continuing to build tools to support a strong global community,” he said.

Facebook’s user base grew to 1.94bn monthly active users, 1.3bn of whom log on every day, exceeding analyst forecasts.

Shares in Facebook, which have risen 30 per cent so far this year to hit a new record hit of $153.60 on Wednesday, declined 1.7 per cent in after hours trading in New York.

Copyright The Financial Times Limited 2017. All rights reserved.
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