Facebook posts first-quarter profit as ad revenue rises 46% By Investing.com

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© Reuters.

By Yasin Ebrahim Investing.com – Facebook on Wednesday reported first-quarter results that beat analysts’ expectations after racking up advertising revenue. Facebook Inc (NASDAQ 🙂 was up more than 5% in after-hours trading on the news. Facebook reported first-quarter EPS of $ 3.30 on revenue of $ 26.17 billion, beating EPS estimates of $ 2.33 on revenue of $ 23.63 billion. Advertising revenue increased 46%, while other revenue increased 146% to $ 732 million. Daily Active Users (DAU) increased 8% to 1.88 billion, above expectations for an increase to 189 billion. Monthly Active Users (MAU) increased 10% to 2.85 billion, above the 2.86 billion expected. For the second quarter, year-over-year total revenue growth is expected to “remain stable or accelerate moderately relative to the growth rate in the first quarter of 2021 as we overcome slower pandemic-related growth during the second quarter of 2020, “CFO David Wehner said. Looking ahead to the full year 2021, total expenses were guided in the range of $ 70 to $ 73 billion, up from a previous outlook of $ 68 to $ 73 billion. “Year-over-year spending growth is driven by investments in product and technical talent, infrastructure, and consumer hardware-related costs,” Facebook said.

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