Social media giant Facebook Inc. reported a 94% increase in its net income for the first quarter, the company announced in its earnings report.
- Net income rose to $9.497 billion from $4.902 billion. Diluted earnings per share climbed 93% to $3.30 from $1.71.
- Revenue jumped 48% to $26.171 billion from $17.371 billion. Advertising sales increased 46% to $25.439 billion from $17.440 billion.
- Daily active users gained 8% to average 1.88 billion in March.
- Facebook expects growth to remain “stable or modestly accelerate” in the second quarter, but “significantly decelerate” in the succeeding quarters due to high base effects from 2020.
- Capital expenditures have been lowered to the range of $19 billion to $21 billion from the prior estimate of $21 billion to $23 billion.
- Spending will focus on investments in data centers, servers, network infrastructure, and office facilities.
- Total expenses are projected to be within $70 billion to $73 billion, higher than the prior outlook of $68 billion to $73 billion.
FB: Nasdaq is up 8.01% premarket.