Facebook Misses Q1 Earnings Estimates
NEW YORK (TheStreet) -- Facebook
Facebook earned 12 cents per share on $1.458 billion, an increase of 38% year-over-year, led by strength in mobile advertising, which accounted for 30% of total advertising revenue.
The Menlo Park, Calif.-based Facebook was expected to earn 13 cents on a non-GAAP basis, with revenue coming in at $1.44 billion, according to analysts surveyed by Thomson Reuters. Analysts surveyed by Estimize were a little more bullish, looking for 15 cents per share on $1.48 billion in sales.
"We've made a lot of progress in the first few months of the year," said Mark Zuckerberg, Facebook founder and CEO in the press release. "We have seen strong growth and engagement across our community and launched several exciting products."
Mobile users continued to grow, and mobile monthly active users (MAUs) grew to 751 million, with total daily active users reaching 1.1 billion.
Capital expenditures during the quarter fell year-over-year, declining 28% to $327 million, but overall spending rose 60% to $1.08 billion, on a GAAP basis, as the company continues to invest in its future. Spending has been a concern for Wall Street, as the company guided that operating expenses would rise sharply year-over-year.
The company ended the first-quarter with $9.5 billion in cash and marketable securities. Facebook will hold a conference call at 5 P.M. EST to discuss the results.
Shares of Facebook closed the regular session lower, down 1.22% to $27.43.
--Written by Chris Ciaccia in New York
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