Facebook shares lag despite analyst beating first quarter

Facebook (NASDAQ:FB.) shares are down over 1% in pre-market – the day after it posted quarterly numbers, which beat analsysts expectations.

The firm has been adept at garnering advertising to its network and it was no exception this time.

Smartphone ad sales represented a whopping 85% of the group’s overall advertising revenue -  up from 82% in the same quarter of last year.

Revenue for the three months to end March topped Wall Street expectations at $8.03bn – 49%  higher than the same period last year, and more than the  42% to $7.83bn growth analysts had pencilled in.

The social media behemoth showed no sign of controversy over fake news and other issues hitting its latest financials.

Profits have now hit US$1bn a month as it approaches reaching the magic milestone of 2bn users. Profit came in at $3.1bn- a 76% increase on last year’s number.

Yesterday, billionaire Mark Zuckerberg announced the group plans to hire 3,000 staff to review videos and images after violent acts were streamed live in a bid to make the environment for users safer.

“We had a good start to 2017,” said Zuckerberg. “We’re continuing to build tools to support a strong global community.”

FB shares are currently changing hands at $149.70 – down 1.38%.

Story by ProactiveInvestors