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Facebook Reports First Quarter 2017 Results

MENLO PARK, Calif., (FNN NEWS) — Facebook, Inc. (NASDAQ: FB) today reported financial results for the quarter ended March 31, 2017.

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

First Quarter 2017 Financial Highlights

Facebook is no longer reporting non-GAAP expenses, income, tax rate, and earnings per share (EPS).

Three Months Ended
March 31,

Year-over-
Year %
Change

In millions, except percentages and per share amounts

2017

2016

Revenue:

   Advertising

$

7,857

$

5,201

51

%

   Payments and other fees

175

181

(3)

%

Total revenue

8,032

5,382

49

%

Total costs and expenses(1)

4,705

3,372

40

%

Income from operations(1)

$

3,327

$

2,010

66

%

Operating margin(1)

41

%

37

%

Provision for income taxes

$

344

Effective tax rate

10

%

Net income(1)

$

3,064

$

1,738

76

%

Diluted EPS(1)

$

1.04

$

0.60

73

%

(1)

In the fourth quarter of 2016, we elected to early adopt Accounting Standards Update No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvement to Employee Share-based Payment Accounting (ASU 2016-09). We are required to reflect any adoption adjustments as of January 1, 2016, the beginning of the annual period that includes the interim period of adoption. As such, certain financial highlights data for the three months ended March 31, 2016, had been adjusted to include the impact of ASU 2016-09 adoption. See Note 1 – Summary of Significant Accounting Policies (Note 1) in the notes to our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2016 for detailed adoption information.

First Quarter 2017 Operational and Other Financial 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.

SOURCE | Facebook, Inc.

 

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