Social networking giant Facebook saw its revenues shoot up 72 per cent to $2.5 billion for the first quarter ended March 31, 2014, over the same period the previous year, mainly due to a 82 per cent increase in ad revenues, which stood at $2.27 billion. On a GAAP basis, net income for the quarter surged to $642 million from $219 million last year.
Mobile advertising revenue for Q1 represented approximately 59 per cent of its advertising revenue, up from 30 per cent of advertising revenue in the first quarter last year. Payments and other fees revenue stood at $237 million in Q1 in FY14.
Facebook saw a 21 per cent increase in its daily active users (DAUs), which stood at 802 million as of March this year. It's mobile DAUs increased much faster at 43 per cent to 609 million. The monthly active users (MAUs) were 1.28 billion as of March end, a 15 per cent increase year-over-year, while mobile MAUs rose 34 per cent to 1.01 billion.
Facebook has also announced that its CFO David Ebersman is stepping down in September after serving in the position for almost five years. He will be succeeded by David Wehner, who is currently Facebook's VP for corporate finance and business planning.
To launch mobile ad network
Facebook has confirmed that it is launching a mobile ad network, which it has been testing for the past couple of years. The advertisements, which will appear as industry-standard banners or full-screen interstitials, will be personalised to Facebook users' demographic profiles and stated 'Likes', just as they are on Facebook.com.
"We are in very early testing for a mobile ad network. We do see an opportunity here to improve the relevance of the ads people see on and off Facebook. It's really the early days and we're in the early testing stage," Facebook COO Sheryl Sandberg said.
According to a report by Recode, Facebook will formally launch the ad network at its F8 developer conference in San Francisco later this month.
(Edited by Joby Puthuparampil Johnson)