Facebook income, revenue up in Q1

By Ovunc Kutlu

NEW YORK (AA) - Facebook’s net income and revenue increased in the first quarter, the company announced Wednesday.

Net income soared 76 percent to $3.06 billion, up from $1.74 billion a year ago.

Total revenue increased 49 percent to $8.03 billion, from $5.38 billion and advertising revenue rose 51 percent to $7.86 billion, from $5.2 billion,

"Mobile advertising revenue represented approximately 85% of advertising revenue for the first quarter of 2017, up from approximately 82% of advertising revenue in the first quarter of 2016," the statement said.

The company continued to see increase in its active users.

Daily active users were 1.28 billion, on average, in March, rising 18 percent year-over-year. Monthly active users were 1.94 billion as of March 31, increasing 17 percent.

Although Facebook beat revenue estimates, its earnings were below expectations.

Following the release of the earnings report, the company’s stock declined 2.9 percent to $147.25 in after-hours trading, after finishing the day at $151.71.