Facebook revenue beats estimates at $26.17 billion in Q1
Facebook Inc. announced on Wednesday the company's first-quarter revenue annually surged 48% in the trimester ending March 31 to reach $26.17 billion. Facebook's net income skyrocketed 94% to $9.5 billion, with diluted earnings per share at $3.30. In the same quarter, the Facebook monthly active users jumped 10% to 2.85 billion.
"We had a strong quarter as we helped people stay connected and businesses grow. We will continue to invest aggressively to deliver new and meaningful experiences for years to come, including in newer areas like augmented and virtual reality, commerce, and the creator economy," CEO Mark Zuckerberg commented in the report.
Facebook said it expects advertising revenue growth over the course of 2021, with total revenue growth remaining stable or modestly accelerating. The tech giant's stocks surged 4.75% to $321.82 in the after-hours trading following the earnings announcement.