MENLO PARK (CBS/AP) – Facebook’s first-quarter earnings and revenue grew sharply, surpassing Wall Street’s expectations thanks to an 82 percent increase in advertising revenue.
The social network said Wednesday that it earned $642 million, or 25 cents per share, in the January-March quarter, up from $219 million, or 9 cents per share, in the same period a year ago. Adjusted earnings were $885 million or 34 cents per share.
Facebook says its revenue was $2.5 billion, up 71 percent from $1.46 billion in the same period a year ago.
Analysts expected adjusted earnings of 24 cents per share on revenue of $2.36 billion.
Facebook also said its finance chief, David Ebersman, is leaving on June 1 after five years. He’ll be replaced by David Wehner, currently vice president of corporate finance and business planning.
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