Facebook reported it’s first quarter earnings for 2018 FY on 25 April. The company’s revenue rose to $11.97 billion and income rose to $4.99 billion.
In revenue terms, it’s 49% increase Q-on-Q and in terms of income, it’s 63% jump from the first quarter last year.
“Despite facing important challenges, our community continues to grow. More than 2.2 billion people now use Facebook every month and more than 1.4 billion people use it daily” stated CEO Mark Zuckerberg in his facebook post. He added, “We are taking a broader view of our responsibility — to not only give people powerful tools but to make sure these tools are used for good. At the same time, we also need to keep building new services that bring people together in meaningful new ways.”
The results exceeded analysts estimates, despite recent headwinds to Facebook especially with Cambridge Analytica fiasco and various other privacy concerns. However, analysts feel the impact may be felt only in the upcoming quarters and would be keenly monitoring the next few quarters results.
The majority of Facebook revenue is drawn from mobile advertising which has increased to 91% of overall ad revenue from 85% last year first quarter. The Facebook monthly active users stand at 2.2 billion and the latest quarter growth in users is largely contributed from Asia, mainly from India, Indonesia, and Vietnam as stated by CFO Dave Wehner during the earnings call.