Facebook on Wednesday reported strong earnings in advertising for the first quarter of 2013, particularly in the mobile channel.
Minutes ago, the social media giant posted net income of $219 million, which is up from $205 million from a year earlier.
Earnings excluding items were $312 million, or 12 cents a share, compared with $287 million, or 12 cents per share in the first quarter of 2012. That missed Wall Street estimates by a penny, according to estimates from Thomson Reuters.
According to CNBC, revenue rose 38 percent to $1.46 billion from the $1.06 billion booked in the year-earlier quarter, beating forecasts for $1.44 billion.
Perhaps most impressively, Facebook’s quarterly revenue from advertising totaled $1.25 billion – 43 percent higher than a year ago. In particular, mobile advertising revenue represented nearly 30 percent of total advertising revenue in the quarter.