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Wednesday, April 23, 2014
Facebook Enjoys High First-quarter Revenue

Facebook's mobile advertising business continued to accelerate in the first three months of the year.

Facebook said that mobile ads represented 59 percent of its ad revenue in the first quarter, up from 30 percent in the year-ago period. Facebook's overall revenue grew 72 percent year-on-year to $2.5 billion in the first quarter.

Facebook also announced that Finance Chief David Ebersman is resigning. Ebersman will be replaced by David Wehner, Facebook's vice president of corporate finance and business planning.

The social network said its total number of monthly active users reached 1.28 billion as of March 31, with 1.01 billion of those users accessing its service on mobile devices such as smartphones and tablets.

The company said it earned $642 million in net income in the first quarter, versus $219 million in the year ago period.

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