Facebook says skyrocketing advertising bucks are behind a huge jump in revenues and income this year.
For the first quarter of its fiscal 2016 year, the House of Zuck reported:
- Revenues of $5.4bn were up 52 per cent from last year's $3.5bn.
- Net income of $1.5bn was a 195 per cent increase from a reported $512m in last year's quarter.
- Advertising revenues of $5.2bn were up 57 per cent from last year's total of $3.3bn. Mobile advertising accounted for 82 per cent of all ad revenues.
- Revenue from 'payments and other fees' was $181m, down 20 per cent from $226m.
- Non-GAAP earnings per share were $0.77, topping analyst estimates of $0.62.
CEO Mark Zuckerberg used the strong earnings report to talk up his lofty goals for the social networking giant.
"We had a great start to the year," said Zuck. "We're focused on our 10-year roadmap to give everyone in the world the power to share anything they want with anyone."
Facebook estimates that it is now sitting on approximately $20.62bn in cash and securities, with a free cash flow of $1.85bn.
Wall Street was seemingly excited with the strong returns from Facebook. The company's stock was up roughly 9 per cent in after hours trading.
The social networking giant also said that it will be issuing a new class of non-voting "class C" stock to some shareholders, including its billionaire founder.
"This proposal is designed to create a capital structure that will, among other things, allow us to remain focused on Mr Zuckerberg's long-term vision for our company and encourage Mr Zuckerberg to remain in an active leadership role at Facebook," it said. Er, in other words, keep Moneybags Mark happy with Facebook moolah. ®