Written by Tharushan Fernando
28 Apr, 2016 | 12:06 pm
Facebook has reported a better-than-expected 51.9 percent rise in quarterly revenue as its increasingly popular mobile-app and ‘push into live video’ continued to attract new advertisers and encouraged existing ones to boost spending.
The company’s shares rose 5.8 percent to 115.22 in after-hours trading on Wednesday. Mobile ad revenue accounted for about 82 percent of total ad revenue in the first quarter ended March 31, compared with about 73 percent a year earlier.
According to Facebook, it had 1.65 billion monthly active users as of March 31, up from 1.44 billion a year earlier.
The company’s net income attributable to common shareholders rose to $1.51 billion, or 52 cents per share, in the first quarter from $509 million, or 18 cents per share, a year earlier.
Facebook’s Total revenue rose to $5.38 billion from $3.54 billion, with ad revenue increasing 56.8 percent to $5.20 billion.Analysts on average had expected a profit of 62 cents per share and revenue of $5.26 billion.
The company also stated that it planned to create a new class of non-voting capital stock, known as the Class C capital stock and the proposal was designed in part to encourage Chief Executive Mark Zuckerberg to remain in an “active leadership role” at the company.
Facebook has been churning out new features to amp up it’s mobile advertising, several of which encourage advertisers to experiment further with video and migrate to the platform from television advertising.
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