Facebook has released its Q1 financial results for 2014, with revenue climbing to $2.5bn.
The social networking giant displayed a profit of $642m, nearly triple the $219m the firm made in the same quarter of 2013.
Mark Zuckerberg, Facebook founder and chief executive, said: "Facebook's business is strong and growing, and this quarter was a great start to 2014. We've made some long-term bets on the future while staying focused on executing and improving our core products and business.”
Advertising revenue, which Facebook is heavily reliant on for growth, grew by 82 percent. Zuckerberg noted Facebook has now nearly 1.28 billion people using the social network each month, with 63 per cent of them visiting the site daily.
However, despite the positive growth, Facebook chief financial officer David Eberman will be stepping down after almost five years. Dave Wehner, currently vice president of Corporate Finance and Business Planning, is to take on the financial responsibilities at the firm.
Facebook Messenger and Instagram both reached 200 million monthly active users this quarter. “We also reached new milestones as a mobile company, with more than one billion monthly actives on mobile and almost 55 percent of our daily actives only connecting on mobile," said Zuckerberg.
This most recent quarter, ending 31 March, has seen Facebook acquire virtual reality firm Oculus VR and mobile messaging app WhatsApp. Yesterday WhatsApp founder Jan Koum announced that the service had reached 500 million users.
The figures are far more positive than the financial results posted by firms such as IBM, which saw its profits slump to $2.4bn in Q1, falling 21 percent year-on-year. Google posted a profit in its first-quarter results, but its cost-per-click income fell, causing concern among investors.
Meanwhile Apple also posted strong results on the same day as Facebook, as it saw profits of over $10bn driven by strong iPhone sales.
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