Facebook Q1 revenues up by 42 percent

Facebook, Inc. (NASDAQ: FB) has reported financial results for the quarter ended March 31, 2015.

Revenue for the first quarter of 2015 totaled $3.54 billion, an increase of 42%, compared with $2.50 billion in the first quarter of 2014. Excluding the impact of year-over-year changes in foreign exchange rates, revenue would have increased by 49%.

Revenue from advertising was $3.32 billion, a 46% increase from the same quarter last year. Excluding the impact of year-over-year changes in foreign exchange rates, revenue from advertising would have increased by 55%.

Mobile advertising revenue represented approximately 73% of advertising revenue for the first quarter of 2015, up from approximately 59% of advertising revenue in the first quarter of 2014.

Payments and other fees revenue was $226 million, a 5% decrease from the same quarter last year.

Costs and expenses – GAAP costs and expenses for the first quarter of 2015 were $2.61 billion, an increase of 83% from the first quarter of 2014. Non-GAAP costs and expenses were $1.70 billion in the first quarter of 2015, up 57% compared to $1.09 billion for the first quarter of 2014.

Income from operations – GAAP income from operations for the first quarter of 2015 was $933 million, a 13% decrease compared to $1.08 billion for the first quarter of 2014. Non-GAAP income from operations for the first quarter of 2015 was $1.84 billion, up 30% compared to $1.42 billion for the first quarter of 2014.

Operating margin – GAAP operating margin was 26% for the first quarter of 2015, compared to 43% in the first quarter of 2014. Non-GAAP operating margin was 52% for the first quarter of 2015, compared to 57% for the first quarter of 2014.

Provision for income taxes – GAAP income tax expense for the first quarter of 2015 was $420 million, representing a 45% effective tax rate. Non-GAAP effective tax rate would have been approximately 35%.

Net income and EPS – GAAP net income for the first quarter of 2015 was $512 million, down 20% compared to $642 million for the first quarter of 2014. Non-GAAP net income for the first quarter of 2015 was $1.19 billion, up 28% compared to $926 million for the first quarter of 2014. GAAP diluted EPS was $0.18 in the first quarter of 2015, down 28% compared to $0.25 in the first quarter of 2014. Non-GAAP diluted EPS for the first quarter of 2015 was $0.42, up 20% compared to $0.35 in the first quarter of 2014.

“This was a strong start to the year,” said Mark Zuckerberg, Facebook founder and CEO. “We continue to focus on serving our community and connecting the world.”

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