The social networking giant posted stronger first-quarter sales
and profits Wednesday as its mobile advertising business reported
solid growth to comprise 30 per cent of its total ad revenue.
The company said it earned 219 million dollars in the quarter, up from 205 million dollars a year earlier. Revenue increased to 1.46 billion dollars from 1.06 billion dollars.
The company's advertising revenue jumped 43 per cent compared with the same quarter last year to 1.25 billion dollars.
Facebook's stock has plunged since its initial public offering last May when it debuted at 45 dollars. The stock closed Wednesday at 27.43 dollars.
Investors have been concerned that as users increasingly use the site on mobile devices where advertising is harder to monetize, Facebook will struggle to justify a high valuation.
Facebook said its monthly active users now total 1.1 billion, up 23 per cent from the year-ago period, while its monthly mobile active users now total 751 million, up 54 per cent.
Most Popular Stories
- Toxic Algae Threatens Florida Fishing, Tourism
- Hispanic Groups Lead Voter Registration Drive
- Eva Mendes Gives Birth to a Baby Girl
- Fed Signals It Will Keep Key Rate at Record Low
- Stocks Rise Before Fed Statement
- Occupy Wall Street Buys Up Student Debt
- FedEx Adding 50,000 Holiday Jobs
- Plus-Size iPhones Live Up to The Hype
- Cool Features on Today's New iOS 8
- Kohl's Hiring 67,000 for the Holidays