What happened
Shares of social network Facebook (FB +0.91%) jumped on Thursday on the heels of its first-quarter earnings release after market close on Wednesday. The stock rose as much as 8.7%. But as of 11:43 a.m. EDT, the stock is up 6.7%.
The release showed strong performance from the social network -- both financially and from a user standpoint.
Facebook CEO Mark Zuckerberg. Image source: Facebook.
So what
Facebook's first-quarter revenue increased 26% year over year to $15.08 billion, beating analysts' consensus forecast for revenue of $14.98 billion. Earnings per share for the period was $0.85, or $1.89 when excluding a $3 billion legal accrual in connection with an inquiry from the Federal Trade Commission regarding the company's platform and user data practices. The adjusted figure was higher than analysts' average estimate of $1.63.
During the company's earnings call, CEO Mark Zuckerberg notably said that its Stories experiences on Facebook, Messenger, WhatsApp, and Instagram now each have more than half a billion daily active users.
Now what
Management said it continues to expect its year-over-year revenue growth rates to decelerate on a constant-currency basis throughout the year. But management voiced optimism for the potential to monetize its Stories format, noting that 3 million advertisers are using Stories.
