Facebook says it grew advertising 51% in first quarter of 2017
The day today has been spent looking at earnings reports from newspaper companies, some of whom were rather proud to report that their advertising only fell 6 or 7 percent. This afternoon, after the bell, Facebook reported that their advertising rose 51 percent, net income was up 76 percent. Makes you sick, right?
The good news is that Facebook, unlike Amazon, only produces a short announcement for the media —‚ and Mark Zuckerberg’s CEO comments are ridiculously short — “We had a good start to 2017.”
The rest can be gleamed during the conference call, which I have no interest in listening in on.
Oh, and by the way, Facebook stock is down slightly in after hours trading. Really.
Here is the report:
MENLO PARK, Calif. – May 3, 2017 – Facebook, Inc. today reported financial results for the quarter ended March 31, 2017.
“We had a good start to 2017,” said Mark Zuckerberg, Facebook founder and CEO. “We’re continuing to build tools to support a strong global community.”
First Quarter 2017 Financial Highlights
Facebook is no longer reporting non-GAAP expenses, income, tax rate, and earnings per share (EPS).
First Quarter 2017 Operational and Other Financial Highlights
- Daily active users (DAUs) – DAUs were 1.28 billion on average for March 2017, an increase of 18% year-over-year.
- Monthly active users (MAUs) – MAUs were 1.94 billion as of March 31, 2017, an increase of 17% year- over-year.
- Mobile advertising revenue – Mobile advertising revenue represented approximately 85% of advertising revenue for the first quarter of 2017, up from approximately 82% of advertising revenue in the first quarter of 2016.
- Capital expenditures – Capital expenditures for the first quarter of 2017 were $1.27 billion.
- Cash and cash equivalents and marketable securities – Cash and cash equivalents and marketable
securities were $32.31 billion at the end of the first quarter of 2017.
- Headcount – Headcount was 18,770 as of March 31, 2017, an increase of 38% year-over-year.