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Facebook’s revenue rose 72 percent

The world’s largest social-networking site Facebook reported first-quarter profit and revenue yesterday that blew past analysts’ estimates. Mobile accounted for 59 percent of advertising revenue, up from almost nothing at the time of Facebook’s initial public offering in May 2012.

The stock jumped as much as 6 percent in extended trading, adding to a rally that’s seen Facebook’s market value more than double in the past year. Chief Financial Officer David Ebersman is leaving on a high note, announcing his resignation yesterday after helping the company rebound from a disastrous IPO to build up to a market capitalization of more than $160 billion.

“Quarter after quarter Facebook has fairly easily beaten expectations,” said Brian Blau, an analyst at Gartner Inc. “They clearly have a handle on their mobile business.”

Revenue in the first quarter rose 72 percent to $2.5 billion, beating the average analyst estimate of $2.36 billion, according to data compiled by Bloomberg. Net income almost tripled to $642 million, or 25 cents a share, from $219 million, or 9 cents, a year earlier. Profit excluding some items was 34 cents a share, topping the average estimate of 24 cents.

http://www.bloomberg.com/news/2014-04-24/facebook-leaves-mobile-concerns-in-dust-with-sales-surge.html