Published: Thu, May 04, 2017
Sci-tech | By Jose Becker

Facebook First Quarter Earnings Beat Expectations

Facebook First Quarter Earnings Beat Expectations

This afternoon, after the bell, Facebook reported that their advertising rose 51 percent, net income was up 76 percent.

Facebook stock is lower slightly in after-hours trading Wednesday.

Facebook ($FB) has released its first quarter 2017 earnings and revealed that it's inching ever so close to having 2 billion people worldwide use the social network.

The company's mobile advertising revenue climbed as a proportion of total revenue by three percentage points, to 85%.

Revenue: $8.03 billion vs. $7.83 billion expected, up 49% from the year-ago period.

Facebook is also stepping up efforts to combat fake news, which emerged as a major issue in last year's US presidential election.

Overall, these are stellar but predictable results, a continuation of the momentum the company has displayed over the a year ago and half.

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But those concerns could hurt its bottom line.

"We had a good start to 2017", said Mark Zuckerberg, Facebook founder and CEO.

More details will be forthcoming on Facebook's earnings call with analysts.

That would give Facebook a 22.6 percent share of the worldwide mobile ad market, with arch-rival Google projected to be the leader with a 35.1 percent share, according to eMarketer.

High expectations about Instagram's potential prompted Deutsche Bank analyst Lloyd Walmsley to raise his target price from $155 to $180 a share.

Daily active users rose 18 percent to 1.28 billion on average for March, while monthly active users increased 17 percent to 1.94 billion. That service has become a social media behemoth in and of itself as of late, recently hitting 700 million users amid its fastest growth rate ever.

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