Facebook announced first quarter revenues of $ 11.97 billion, which easily beat Wall Street consensus estimates. The company managed to post growth in all key metrics, despite the ongoing data scandals that have dogged it in recent months.
Marketers spent $ 11.8 billion on ads on Facebook, which was up a whopping 50 percent vs. a year ago. Mobile ad revenue contributed 91 percent of that total or $ 10.7 billion. A year ago, mobile contributed 85 percent of ad revenues.
Daily active users were up (albeit slightly in North America) 13 percent year over year to 1.45 billion. Monthly active users totaled 2.2 billion, also up 13 percent.
In Q4 2017 Facebook had seen both usage and engagement declines. Investors were nervous about the continuation of that trend with this earning report. However, their fears appear to have been largely unfounded.