MENLO PARK (CBS/AP) — Facebook reported stronger-than-expected results for its first quarter, helped by a growing number of users and higher advertising revenue.
Analysts say Facebook’s popular mobile app and the new Facebook Live video feature is attracting new advertisers and has spurred existing ones to spend more.READ MORE: Passenger Killed In Crash On Highway 680 In Milpitas; Driver Arrested For DUI
Facebook on Wednesday reported earnings of $1.51 billion, or 52 cents per share, up from $512 million, or 18 cents per share, in the same period a year earlier. Adjusted earnings were 77 cents per share in the latest quarter, well above the 62 cents that analysts polled by FactSet were expecting.READ MORE: Optimism Soaring In San Francisco Bay Area As COVID Pandemic Woes And Worries Ease
Revenue was $5.38 billion, up from $3.54 billion. Analysts had predicted $5.26 billion.
Separately, Facebook also announced that it will create a new class of non-voting stock, known as “Class C capital stock,” designated to let CEO Mark Zuckerberg keep tight reins on the company even as it issues more shares to compensate employees and investors.MORE NEWS: 'This Is Not Just Any Usual Recovery': Economist Explains Rash Of Price Hikes, Product Shortages
© Copyright 2016 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.