In an announcement, Facebook said that their first quarter revenues equaled $11.97 billion, which easily beat Wall Street consensus estimates. The social media company managed to post growth in all key metrics, despite the ongoing data scandals that it has been dealing with in recent months.
$11.8 billion was spent on ads by marketers on Facebook, which is an increase of 50 percent vs a year ago. Mobile ad revenue contributed 91 percent of that total or $10.7 billion.
Daily active users were up 13 percent year over year to 1.45 billion. Monthly active users totaled 2.2 billion, which was also an increase of 13 percent.
In Q4 2017 Facebook saw both usage and engagement declines. There was some nervousness among investors regarding the continuation of that trend with this earning report. However, their fears appear to have been largely unfounded.