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Facebook first-quarter revenue grows 72 percent on rising mobile ads


By Alexei Oreskovic SAN FRANCISCO (Reuters) – Facebook Incs mobile advertising business accelerated in the first three months of the year, helping the Internet social networking company top Wall Streets financial targets. Shares of Facebook were up nearly 3 percent at $63.05 in after-hours trading on Wednesday. Facebook said that mobile ads represented 59 percent of its ad revenue in the first quarter, up from 30 percent in the year-ago period. Facebooks overall revenue grew 72 percent year-on-year to $2.5 billion in the first quarter, above the $2.36 billion expected by analysts polled by Thomson Reuters I/B/E/S. Theyve got the right products for what advertisers are looking for and thats manifesting itself in the results youre seeing, said JMP Securities analyst Ronald Josey.

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