The social network made good on its promise to increase mobile value

May 1, 2013 20:37 GMT  ·  By

Facebook has barely exceeded estimates and reported revenues of $1.458 billion (€1.105 billion) for the first quarter of 2013 and it also announced a 54% increase in mobile revenues.

The company has published their first quarterly results of 2013. Overall, Facebook's revenues exceeded the $1.44 billion (€1.09 billion) estimates of Wall Street specialists.

The social network also brought in over $751 million (€570 million) in mobile revenue in the first quarter, which is a 54% increase year-over-year.

This has been extremely important to investors over the past year, so such an increase in this division is expected to cause a rise in stock prices for Facebook.

Out of the company’s overall result for the first three months, 85% came from advertising. Facebook has managed to garner $1.25 billion (€0.94 billion) by selling ads, which is 43% more than last year.

Mobile ads also played an important part, as they represented 30% of the total ad revenue, which is over Wall Street expectations.

Facebook’s net income for the first quarter was of $219 million (€166 million), a small increase over last year’s results, when they had profits of $205 million (€155 million).

The social network giant also announced that they had cash and marketable securities of $9.5 billion (€7.2 billion) at the end of the quarter.

“We’ve made a lot of progress in the first few months of the year,” Mark Zuckerberg, Facebook CEO, said at the conference.

He continued by saying that they’d seen strong growth and engagement across the community, as well as launched several exciting products.

The number of daily active Facebook  users also increased with 26% over the last year up to 665 million on average in March.

The monthly active users number also grew significantly, reaching 1.11 billion. This represents a 23% increase over last year.

David Spillane, Facebook’s Chief Accounting Officer has announced that he will be leaving the company.