The numbers are staggering and tell a clear story: The market has reacted positively to the changes in regards to user experience; mobile adoption both domestic and internationally has aided growth in engagement; and costs, particularly on mobile and video, will no doubt play a role as we expect these trends to continue.
Readers: What do you expect out of Facebook’s earnings call?
Mobile MAUs were up 34 percent compared with the first quarter of 2013, and other user statistics included:
1.28 billion MAUs, up 15 percent year-over year.
341 million mobile-only MAUs, up 80 percent.
802 million daily active users, up 21 percent.
609 million mobile DAUs, up 43 percent.
On the financial front, Facebook reported revenue of $ 2.5 billion in the first quarter of 2014, up 72 percent from $ 1.46 billion in the year-ago period.
Revenue from advertising was $ 2.27 billion, up 82 percent, and mobile ad revenue accounted for some 59 percent of total ad revenues in the quarter, compared with about 30 percent in the first quarter of 2013.
GAAP (generally accepted accounting principles) net income for the period was $ 642 million, up 193 percent from $ 219 million in the first quarter of 2013, and GAAP-diluted earnings per share of $ 0.25 were up 178 percent from $ 0.09 in the year-ago quarter.
Non-GAAP net income was $ 885 million, up 184 percent from $ 312 million in the previous-year period, and non-GAAP-diluted EPS was $ 0.34, up 183 percent from $ 0.12 in the first quarter of 2013.
Increased headcount and infrastructure expense helped push GAAP costs and expenses for the first quarter of 2014 to $ 1.43 billion, up 32 percent compared with the year-ago quarter. Excluding share-based compensation and related payroll tax expenses, non-GAAP costs and expenses of $ 1.13 billion were up 26 percent from the first-quarter-2013 total of $ 895 million.
Facebook’s business is strong and growing, and this quarter was a great start to 2014. We’ve made some long-term bets on the future while staying focused on executing and improving our core products and business. We’re in great position to continue making progress toward our mission.
Readers: Did any of the first-quarter-2014 results reported by Facebook surprise you?