Facebook posts $3 bn profit in Q1

As Facebook moves forward, it's in search of ways to overcome new issues around its rapid growth such as diversity problems, properly tracking ad performance, and what to do about its Facebook Live problem.

On average, 37 analysts polled by Thomson Reuters estimated earnings of $1.12 per share for the quarter. The company has managed an impressive $8.03 Billion in revenue and has also recorded a 4.3 percent increase in its user numbers, leaving it very close to the awesome, 2 Billion user milestone.

Analysts say Facebook needs to reduce its reliance on advertising and start showing it can make money from other products, such as Facebook video, Instagram, WhatsApp, Facebook Messenger and virtual reality. Advertising revenue in these markets increased 66% and 60%, respectively.

Revenue: $7.83 billion, up 42% from the year-ago period.

In its report, Facebook said it had 1.94 billion monthly active users on March 31st, an increase of around 300 million from the same time a year ago. Monthly active users were up 17 percent to reach an average of 1.94 billion by March 31. Instagram Stories, recognized by many as a clone of Snapchat Stories, now counts 200 million daily active users.

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Mobile ads and solid user growth across its suite of apps contributed to a strong first quarter for Facebook.

On the back of its strong financial performance, FB's stock price increased 6.5% last month, extending the year-to-date rally to more than 31%. Facebook is beginning to indicate where its next revenue stream will come from.

The company also announced that it would no longer report adjusted (or non-GAAP) earnings. Analysts had expected revenue of $7.83 billion. We also expect desktop ad revenue growth rates to slow in the third quarter when we begin to lap our efforts to limit the impact of ad blockers. The rivalry is something that both companies have seemingly avoided in public statements (aside from some not-so low key shade), but Facebook CEO Mark Zuckerberg subtly touched upon it during the company's earnings call yesterday.

At the same time, the company said expenses would continue at a high level, growing 40 per cent to 50 per cent this year over 2016 levels and putting a squeeze on future profits. So for a while, our strategy has been to just continue building as good tools as we can because no matter how many people we have on the team, we're never going to be able to look at everything. Although Facebook didn't break down the number.

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