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The social media giant has reported its first quarter earnings for 2014, concluding with March 31, 2014. Facebook's...
The social media giant has reported its first quarter earnings for 2014, concluding with March 31, 2014. Facebook's founder and CEO, Mark Zuckerberg, said, "Facebook's business is strong and growing, and this quarter was a great start to 2014. We've made some long term bets on the future while staying focused on executing and improving our core products and business. We're in a great position to continue making progress towards our mission."
In a press release, Facebook reported revenues of $2.5 billion in the first quarter of 2014, a 72% increase compared to last year's revenue for the same quarter of $1.46 billion. Revenue from advertising was $2.27 billion, which marks an 82% growth compared to last year's advertising revenue for the same quarter. Mobile advertising revenue stood at around 59% of all advertising revenue, while revenue from payments and other fees was $237 million in the first quarter of 2014.
Facebook's net income was $642 million for the first quarter of 2014, which is up 193% from last year's net income of $219 million for the same quarter. Earnings per share was $0.25 for this year's first quarter, or a 178% increase from last year's first quarter EPS of $0.09.
Along with the quarterly results, Facebook made another announcement. Its Chief Financial Officer, David Ebersman, is stepping down from the position and will be succeeded by David Wehner. Wehner is currently Facebook's Vice President, and in charge of Corporate Finance and Business Planning.
Zuckerberg said, "David has been a great partner in building Facebook, and I'm grateful for everything he's done to help make the world more open and connected. David set us up to operate efficiently and make the long-term investments we need, and built an incredibly strong team including Dave Wehner, our next CFO. I look forward to working with Dave in his new role."
For more details and other information on Facebook's Q1 2014 earnings and company news, please visit the Facebook Investor Relations website.