Facebook Beats Analyst Expectations with Big Revenue Boost, Mobile Increases in Importance

Facebook this afternoon reported its first quarterly earnings of the year and the numbers are favourable.

The world’s largest social network saw revenue jump 72% year-over-year to $2.5 billion, beating analyst expectations and earning $0.34 per share, also ahead of analyst expectations.

Mobile continues to grow in importance for Facebook: mobile advertising revenue now makes up 59% of the company’s total ad revenue, up from just 30% in 2013.

And despite a $19 billion acquisition of WhatsApp and a $2 billion acquisition of Oculus Rift during the quarter, Facebook is still sitting on $3 billion in cash.

The company noted during its post-earnings conference call that CFO David Ebersman stepping down later this year. According to Facebook, he will be succeeded by David Wehner, who hails from Zynga.

Shares in Facebook rose 3% during afterhours trading.