Social networking site Facebook began 2017 on a high note, posting upbeat results for the first quarter ended March (Q1). Net income rose 76 percent to $3.06 billion from $1.74 billion a year ago on the back of a sharp rise in advertisement revenues even as it added 80 million users during the three-month period.
"We had a good start to 2017. We're continuing to build tools to support a strong global community," founder-CEO Mark Zuckerberg said in a statement.
In Q1, the California-based company earned $7.58 billion in advertisements, up 51 percent from $5.2 billion in the corresponding period last year, according to a media statement issued by the company. Mobile ad revenue accounted for about 85 percent, up from 82 percent, YoY.
Total revenues stood at $8.03 billion, an increase of 49 percent from $5.38 billion, year-on-year. At the end of the quarter, the company's cash and cash reserves stood at $32.31 billion, up from $29.45 billion as of December 31, 2016.
Facebook's daily active users rose 18 percent, YoY, to 1.28 billion while monthly active users were 1.94 billion, up from 1.86 billion at the end of December last year.
The company had 18,770 employees as of March 31, 2017, an addition of 1,770 from December 2016.
Facebook shares closed 0.75 percent lower at $151.64 apiece on Nasdaq on Wednesday.
