Close X
Saturday, January 11, 2025
ADVT 
National

Facebook Reports Stronger-than-expected 1Q Results

Darpan News Desk IANS, 28 Apr, 2016 11:15 AM
  • Facebook Reports Stronger-than-expected 1Q Results
MENLO PARK, Calif. — Facebook posted stronger-than-expected results for its first quarter, helped by a growing number of users and higher advertising revenue, especially on mobile devices.
 
The social media giant on Wednesday reported earnings of $1.51 billion, or 52 cents per share, up from $512 million, or 18 cents per share, in the same period a year earlier. Adjusted earnings were 77 cents per share in the latest quarter, well above the 62 cents that analysts polled by FactSet were expecting.
 
Revenue was $5.38 billion, up from $3.54 billion. Analysts had forecast $5.26 billion.
 
Facebook had 1.65 billion monthly users as of March 31, an increase of 15 per cent from a year earlier. Of these, 1.51 billion signed on using mobile devices at least once a month, an increase of 21 per cent.
 
 
Separately, Facebook also announced that it will create a new class of non-voting stock, known as "Class C capital stock," designated to let CEO Mark Zuckerberg keep tight reins on the company even as it issues more shares to compensate employees and investors.
 
Chief Operating Officer Sheryl Sandberg said that a "big part of Facebook's success is due to Mark's leadership." The proposal, which must still be approved by shareholders, is intended to keep Zuckerberg in an active leadership role at Facebook, the company said.
 
As in previous quarters, Facebook attributed its success to its mobile advertising strength. Sandberg said that as customers have shifted to mobile, businesses have followed.
 
Menlo Park, Calif.-based Facebook's shares jumped $9.82, or 9 per cent, to $118.31 in after-hours trading. At that rate, the stock is set to open at an all-time high Thursday.

MORE National ARTICLES

Parents Of Autistic Kids Demand Ontario Not Cut Five-year-old Kids Off Wait List

TORONTO — Dozens of parents of children with autism are at the Ontario legislature today demanding the government reverse a decision to defund intensive therapy for children five and older.

Parents Of Autistic Kids Demand Ontario Not Cut Five-year-old Kids Off Wait List

Final Cost Of 2015 Alberta Election Almost $19m: Chief Electoral Officer

Final Cost Of 2015 Alberta Election Almost $19m: Chief Electoral Officer
He said costs went up due in part to Alberta's 10 per cent population increase and because then-premier Jim Prentice decided to drop the writ a year early.

Final Cost Of 2015 Alberta Election Almost $19m: Chief Electoral Officer

Calgary City Council Appoints Ethics And Integrity Advisers

Calgary city council has appointed an integrity commissioner as well as an ethics adviser.

Calgary City Council Appoints Ethics And Integrity Advisers

Crown To Cross-examine Father Charged In Child's Meningitis Death

Crown To Cross-examine Father Charged In Child's Meningitis Death
David Stephan, 32, and his wife Collet, 35, are charged with failing to provide the necessaries of life for their son Ezekiel in March 2012.

Crown To Cross-examine Father Charged In Child's Meningitis Death

Charities Directorate Flags Suspected Terrorist Financing Cases For Senators

Charities Directorate Flags Suspected Terrorist Financing Cases For Senators
The audit materials provided to the committee should give senators a sense of the complexity of the revenue agency's work, said Cathy Hawara, director general of the charities directorate.

Charities Directorate Flags Suspected Terrorist Financing Cases For Senators

IMF Cuts Canada's Growth Estimates For 2016, 2017 As Part Of Global Trend

  The IMF is now projecting Canada's economy to grow by 1.5 per cent this year and by 1.9 per cent next year.

IMF Cuts Canada's Growth Estimates For 2016, 2017 As Part Of Global Trend