Facebook tops Street 1Q forecasts

MENLO PARK, Calif. — Facebook Inc. (FB) on Wednesday reported first-quarter profit of $3.06 billion.

On a per-share basis, the Menlo Park, California-based company said it had profit of $1.04. Earnings, adjusted for stock option expense, came to $1.23 per share.

The results exceeded Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for earnings of $1.10 per share.

The social media company posted revenue of $8.03 billion in the period, also beating Street forecasts. Eleven analysts surveyed by Zacks expected $7.85 billion.

Facebook shares have climbed 32 per cent since the beginning of the year, while the Standard & Poor’s 500 index has climbed almost 7 per cent. In the final minutes of trading on Wednesday, shares hit $151.80, a climb of 29 per cent in the last 12 months.

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