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Facebook Struts Its Stellar First-Quarter Results, Thanks to Ad Growth


Facebook (FB - Get Report) reported solid first-quarter results fueled by strong advertising growth.

Menlo Park, Calif.-based Facebook reported first-quarter earnings on Wednesday after the markets closed. It posted $5.38 billion in revenue during the first quarter ending March 31, up 52% from $3.5 billion in the revenue it generated over the corresponding period last year. Earnings per share came in at 77 cents, compared to 42 cents the prior year.

For the first quarter, Wall Street was expecting Facebook to deliver revenue of $5.25 billion and EPS of 62 cents.

Shares shot up about 9% during after-hours trading to $108.89 a piece.

Must Read: Facebook Stock Soars in After-Hours Trading on Q1 Earnings Beat

Facebook also announced Wednesday that the board has agreed to create a new class of nonvoting stock, or Class C capital stock. If the proposal is approved, the company will issue two shares of Class C as a one-time stock dividend for each share of Class A and Class B common stock.

The internet company said the proposal, which will be subject to...