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Tech

Big Jump In Ad Revenue Powers Strong Earnings Report From Facebook

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A view of and Apple iPhone displaying the Facebook app's splash screen May 10, 2012 in Washington, DC. Social-networking giant Facebook will go public on the NASDAQ May 18 with its initial public offering, trading under the symbol FB, in an effort to raise $10.6 billion. (Brenden Smialowski/AFP/GettyImages)

A view of and Apple iPhone displaying the Facebook app’s splash screen. (Brenden Smialowski/AFP/GettyImages)

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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.

© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.

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