The company beat revenue expectations with 49 percent year-over-year growth.
Facebook published its first quarter financial results on Wednesday, beating market expectations.
The social media giant posted diluted earnings per share of $1.04 on revenue of $8.03 billion. Its diluted EPS is up 73 percent year-over-year, while revenue is up 49 percent.
Wall Street was looking for a GAAP EPS of 887 cents on revenue of $7.83 billion.
Facebook announced it’s is no longer reporting non-GAAP expenses, income, tax rate, and earnings per share (EPS) .
“We had a good start to 2017, ” founder and CEO Mark Zuckerberg said in a statement. “We’re continuing to build tools to support a strong global community.”
Specifically, advertising revenue came in at $7.85 billion, up 51 percent year-over-year. About 85 percent of ad revenue came from mobile in Q1, up from 82 percent in Q1 2016.
The company also reported strong year-over-year growth in terms of its active users: It tallied an average of 1.28 billion daily active users in March 2017, up 18 percent. Monthly active users were up 17 percent to reach an average of 1.94 billion by March 31.
