Social media giant Facebook announced a first-quarter revenue gain of more than $26 billion USD, a figure 48% higher than the same period last year.
The largest Q1 gain ever for the Menlo Park headquartered brand was largely on the back of ad revenue which saw a 30% year-over-year gain in the price per ad. The news sent Facebook stock climbing, initially rising 7%, before settling at just over 1% in the black for the day.
“We had a strong quarter as we helped people stay connected and businesses grow,” said Mark Zuckerberg, Facebook founder, and CEO.
“We will continue to invest aggressively to deliver new and meaningful experiences for years to come, including in newer areas like augmented and virtual reality, commerce, and the creator economy,” Zuckerberg added.
Following news of the strong earnings report, analysts increased price projections for Facebook stock; some believe the industry leader could balloon by 14% this year. The company counts an incredible 3.45 billion MAU across all platforms.