Facebook shared its Q1 2014 earnings today, and beat analyst expectations with revenue of $2.5 billion, a 72 percent increase compared to a year prior.
Mobile ad revenue now accounts for nearly 60 percent of total revenues, and the social network saw earnings per share of 34 cents.
Expectations were at $2.36 billion in revenue, and earnings of 24 cents per share. Monthly and daily active users saw a four and 5.9 percent increase year-over-year, hitting 1.23 billion and 757 million respectively.
Combined ad revenue is up 82 percent from Q1 2013, but revenue from Payments saw a decrease of $4 million over the past quarter.
Mobile continues to be a hot spot for Facebook, and mobile monthly active users surpassed one billion for the first time ever.
That’s a 34 percent increase year-over-year, and daily mobile active users have increased 43 percent.
“The fact that we have a mobile ad product that we’ve added it into the News Feed, and we continue to see strong mobile ad performance — Our ads work, and they’re working for marketers.”
During the first quarter of 2014, the social network acquired WhatsApp for $16 billion, and virtual reality headset manufacturer Oculus for $2 billion, both cash and stock deals.
Currently in after hours, Facebook stock is up nearly five percent to just over $64.
Photo credit: Frank Kehren