Facebook's earnings nearly triple as revenue grows sharply in first quarter
April 25, 2014, 12:00 am TWN
NEW YORK--Facebook's earnings nearly tripled and revenue grew sharply in the first quarter, surpassing Wall Street's expectations thanks to an 82-percent increase in advertising revenue.
It was the fourth quarter in a row that Facebook beat forecasts as it continues to barrel ahead in mobile advertising at a time when nearly 80 percent of its users are accessing it on smartphones and other portable gadgets.
The world's biggest online social network said Wednesday that it earned US$642 million, or 25 cents per share, in the January-March quarter, up from US$219 million, or 9 cents per share, in the same period a year ago.
Adjusted earnings, which exclude stock compensation expenses and other costs, were US$885 million, or 34 cents per share, in the latest quarter.
Facebook's revenue was US$2.5 billion, up 71 percent from US$1.46 billion in the same period a year ago.