Facebook profits rise more than 76 percent year-over-year

The social media giants, Facebook, reported financial results for the quarter ended March 31, 2017. Total revenue went up 43 percent to just over $8 billion dollars.

facebookFacebook, Inc. (NASDAQ: FB) First Quarter 2017 Highlights:

Daily active users (DAUs) – DAUs were 1.28 billion on average for March 2017, an increase of 18% year-over-year.

Monthly active users (MAUs) – MAUs were 1.94 billion as of March 31, 2017, an increase of 17% year-over-year.

Mobile advertising revenue – Mobile advertising revenue represented approximately 85% of advertising revenue for the first quarter of 2017, up from approximately 82% of advertising revenue in the first quarter of 2016.

Capital expenditures – Capital expenditures for the first quarter of 2017 were $1.27 billion.

Cash and cash equivalents and marketable securities – Cash and cash equivalents and marketable securities were $32.31 billion at the end of the first quarter of 2017.

Headcount – Headcount was 18,770 as of March 31, 2017, an increase of 38% year-over-year.

We had a good start to 2017. We’re continuing to build tools to support a strong global community” said Mark Zuckerberg, Facebook founder and CEO.

The company warned that advertising revenue growth would likely come down significantly over the rest of 2017 from current high levels.

Facebook 1st quarter earnings saw the social media giants profits rise more than 76 percent year-over year to more than $3 billion dollars. Total revenue went up 43 percent to just over $8 billion dollars.

In an effort to protect the company’s valuable public image, CEO Mark Zuckerberg announced Facebook would add 3000 employees over the next year to speed up the removal of videos showing murder, suicide and other violent acts.