Facebook profits soar nearly 50% as online ads rebound

Social media giant Facebook reported revenue of $26.1 billion for the quarter that ended March 31, beating Wall Street analysts’ expectations Wednesday. The technology company’s earnings were up nearly 50% compared to the same period one year earlier, when it reported nearly $18 billion in revenue. 

Its number of daily active users rose 8%, to 1.88 billion visitors per day, just below the 1.89 billion forecast.

“We had a strong quarter as we helped people stay connected and businesses grow,” said Facebook founder and CEO Mark Zuckerberg. “We will continue to invest aggressively to deliver new and meaningful experiences for years to come, including in newer areas like augmented and virtual reality, commerce, and the creator economy.”

The company’s revenue growth was driven largely through paid advertisements. The average price per ad rose 30% year-over-year, the company said. 

“Despite several headwinds — such as ongoing antitrust scrutiny, lingering privacy concerns, as well as looming changes which could negatively impact its advertising business — Facebook delivered another blockbuster quarter,” said Investing.com analyst Jesse Cohen. 

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