Facebook Inc.’s (NASDAQ:FB) first-quarter sales rose 48% due to a strong rebound in advertising.
The social media company said its revenue climbed to $26.2 billion U.S. in the first quarter. That blew past the $23.7-billion U.S. average estimate of analysts. Facebook also reported 2.85 billion monthly active users, a rise of 10%.
Facebook’s share price jumped more than 5% to $328.40 U.S. in pre-market trading on news of the quarterly results.
Menlo Park, California-based Facebook, which owns Instagram and WhatsApp, has seen a surge in use of its platforms for at-home entertainment and keeping up with loved ones while people have been stuck in lockdowns at home during the pandemic.
Larger advertisers have shifted more of their marketing budgets to social media sites, while small businesses have ramped up digital outreach in an effort to reach potential customers.
Facebook said the average price per advertisement on its site rose 30% in the first quarter from a year earlier, and the number of ads it delivered rose 12%. The company’s net income in the quarter rose to $9.5 billion U.S., or $3.30 a share U.S. Analysts had expected $2.34 U.S. in per-share profit.
