Facebook beats Q1 expectations with $2.5B in revenue; CFO resigning

facebook212Facebook beat Wall Street’s expectations today with a Q1 revenue of $2.5 billion and an $0.34 EPS. The company also announced that CFO David Ebersman will be stepping down in June.

Analysts predicted revenue somewhere between $2.36 and $2.4 billion — with EPS at about $0.24 — and Facebook certainly exceeded that, with Q1 revenue increasing 72 percent from this time last year. Revenue from advertising was $2.27 billion, up 82 percent from last year. 

The social media giant also reported 802 million daily active users (up 21 percent from last year), 609 million daily mobile users (up 43 percent from last year) and 1.28 billion monthly active users (up 15 percent from last year).

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Facebook also noted that 59 percent of its advertising revenue is now coming from mobile, up from 30 percent one year ago. It also has more than 1 billion monthly active users on mobile for the first time.

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Also, Facebook is making, on average, $2 of revenue per user worldwide.

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Compared to Q4 of 2013, Facebook’s total active users are up 4 percent, total daily users are up about 6 percent, and total daily mobile users are up 9.5 percent.

Meanwhile, Facebook CFO Ebersman will step down on June 1 and be replaced by David Wehner, currently Facebook’s VP of Corporate Finance and Business Planning who was previously CFO at Zynga. Ebersman today said that he’ll return to the healthcare industry, where he spent his entire career before coming to Facebook in 2009.

It’s been a busy 2014 thus far for Facebook, which acquired messaging service WhatsApp for $19 billion in February and put down $2 billion to acquire virtual reality headset-maker Oculus Rift in March.

Facebook’s stock is up about 2.5 percent in after hours trading.

Story developing…

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