Facebook boasts strong sales growth
First-quarter sales jumped 26% and monthly visitors at Facebook’s main site topped projections. The company also said it set aside US$3-billion in the quarter related to an inquiry by the US Federal Trade Commission over the potential violations related to a 2011 consent decree.
First-quarter sales jumped 26% in the first quarter, stocks jumped more than 10% in after-hours trading Wednesday.
Stocks impacted: Facebook Inc. (FB)
Excluding the charge, Facebook would have earned $1.89 a share, up from $1.69 in the year-ago quarter and beating an average estimate of $1.63 per share. Total first-quarter revenue rose 26 percent to $15.1 billion from $12.0 billion last year. Monthly and daily users of the main Facebook app were both up 8 percent compared to last year, to 2.4 billion and 1.6 billion, respectively. Executives said that they expected expenses to grow 47 to 55 percent this year versus their earlier forecast of an increase of 40 to 50 percent.
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