In a period of poor financial results for most tech giants, Facebook has broken the mould by revealing revenues up 57pc to $5.3bn in the first quarter and profits of $1.5bn.
Facebook revealed that approximately 82pc of revenues in the first quarter came from mobile, up from 73pc of advertising revenue in Q1 2015.
The social networking giant reported earnings per share of $0.77, ahead of the $0.62 analysts had been expecting.
‘We’re focused on our 10-year roadmap to give everyone in the world the power to share anything they want with anyone’
– MARK ZUCKERBERG, FACEBOOK
Revenues of $5.38bn were also ahead of analyst expectations of $5.2bn.
The company revealed that it now has 1.65bn monthly active users and 1.09bn daily active users.
Mobile daily active users were 989m for March 2016.
At the end of the first quarter, Facebook had $20.6bn in cash in its coffers.
“We had a great start to the year,” said Mark Zuckerberg, Facebook founder and CEO.
“We’re focused on our 10-year roadmap to give everyone in the world the power to share anything they want with anyone.”
Mark Zuckerberg image via Shutterstock