The numbers are in for Facebook's Q1 2014, with the social networking site posting $2.5 billion in revenue, beating analysts' expectations, with an operating income of 43%.
Net income reached $642 million, with earnings per share of $0.25, representing a 70% gain in profits in twelve months. Advertising delivered revenues of $2.27 billion, which is an 82% increase year-over-year. Mobile advertising was also big business, which made up 59% of advertising revenue for the first three months of 2014, up from 30% of the advertising revenue of the first quarter of last year.
Costs and expenses to Facebook for Q1 2014 sat at $1.43 billion, which is a 32% increase year-over-year. This is mostly for the headcount and infrastructure Facebook requires. Income tax expense for Q1 2014 was $433 million, delivering a 40% effective tax rate.
- > NEXT STORY: XCOM: Enemy Unknown lands on Google Play
- < PREVIOUS STORY: Skylanders Trap Team ships October 5, adds a new wrinkle to the series