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Facebook reports booming Q1 financials, with mobile ad revenue up strongly

Facebook has revealed its Q1 2014 results (the quarter running up to the end of March), and the social network raked in $2.5 billion (£1.5 billion) in terms of revenue, a figure which was up 72 per cent year-on-year (from $1.46 billion, or £870 million in our money).

Non-GAAP net income hit $885 million (£527 million), up from $312 million (£186 million) the previous year, a 184 per cent increase.

The majority of Facebook's revenue came from advertising, of course, with $2.27 billion (£1.35 billion) being raked in from ads – an 82 per cent increase on last year's figure.

Perhaps even more tellingly, though, mobile ads accounted for 59 per cent of that cash – whereas a year ago, they only represented a 30 per cent share of the ad money. That's some major growth, and a big success for the social network, which has been trying to hone its mobile strategy for a while now – seemingly with some considerable success.

Zuckerberg was pleased, of course, and commented: "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. We're in great position to continue making progress towards our mission."

If Facebook can continue on this sort of growth trend, and carve out yet more of the mobile ads arena, things are indeed looking rosy.

The social network also revealed some user stats, with an average of 802 million daily active users in March – up 21 per cent year-on-year – with 609 million daily active users on mobiles, up a much larger 43 per cent.

Monthly active users hit 1.28 billion in March.

CFO David Ebersman also announced that he will be stepping down, and in June he will be replaced by David Wehner, who is Vice President of Corporate Finance and Business Planning at the moment.