Facebook has posted revenues of $3.5bn for the first quarter of its 2015 fiscal year, a strong 42 percent increase on the same period last year.
However, this growth came at a cost as profits for the quarter fell from $642m in Q1 2014 to $512m in the current quarter.
Chief executive Mark Zuckerberg was upbeat on the growth, despite the dip in profits.
"This was a strong start to the year," he said. "We continue to focus on serving our community and connecting the world."
Another positive for Facebook was that its user base is growing and becoming more active, something that advertisers will also be pleased to hear.
Facebook said that its daily active user base hit an average of 936 million in March 2015, up 17 percent year over year, while mobile daily active users were 798 million, up 31 percent year on year.
This growth in mobile daily users is especially important as mobile advertising is seen as the backbone of Facebook’s potential for growth.
Reflecting this, Facebook said that 73 percent of all advertising spend ($3.32bn) on the site was for mobile ads, up from 59 percent last year. This equates to around $2.42bn.
The rest of Facebook’s income came from ‘payments and other fees’, which was $226m, down five percent from the same quarter last year.
The fall in profits, despite a strong increase in revenues, is attributable to a major rise in expenses for the first quarter of the year, which hit $2.61bn, up 83 percent from the first quarter of 2014.
Zuckerberg revealed during an earnings call to discuss the results that Facebook is seeing strong momentum in video views.
“We're very pleased with our growth [in videos], and this quarter we reached a new milestone of more than four billion daily video views,” he said.
“We also launched an embedded video player that allows people to watch Facebook videos across the web, and more than 80,000 videos have now been embedded on third-party websites.”
Facebook announced changes to its News Feed algorithm earlier this week that will reduce the amount of third-party content people will see that friends have liked or commented on.
This is likely to reduce the amount of referral traffic to other sites from Facebook, which could damage some brands and websites.
Finding refutes many earlier studies that suggest that galaxies don't have much dark matter at the time of their birth
Boris the robot outed as man in rented robot suit
Mission will provide vital data about the performance of rocket, spacecraft, autonomous docking system and the landing system
The flight will take off from California's Mojave Air and Space Port and could happen as soon as 13th December