January 06, 2025 09:16 am (IST)
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Facebook beats analyst estimates in its quarterly results
Menlo Park, California, Apr 28 (IBNS) Popular social media and tech giant Facebook beat analysts' estimates as it reported its first quarter results on Wednesday, according to media reports.
The company reported revenue of $5,382 million in the first quarter of 2016 against revenue of $3,543 million posted in the same quarter a year ago.
CEO Mark Zuckererg said, "Our community now has 1.65 billion people. In the last few months, we launched Reactions, rolled out Live video, built Messenger into a platform, shipped Oculus Rift and have now connected 25 million people to the internet. We've also worked day after day on lots of small improvements to make your experience better."
In its earnings report, the company said its daily active users (DAUs) were 1.09 billion on average for March 2016, an increase of 16% year-over-year. Mobile DAUs were 989 million on average for March 2016, an increase of 24% year-over-year. Monthly active users (MAUs) were 1.65 billion as of March 31, 2016, an increase of 15% year-over-year.
and Mobile MAUs were 1.51 billion as of March 31, 2016, an increase of 21% year-over-year.
The company also proposed a new share structure on Wednesday.
The company said that its board of directors has approved a proposal to amend and restate the existing certificate of incorporation to create a new class of non-voting capital stock, known as the Class C capital stock.
If the proposal is approved, shareholders will receive two shares of Class C capital stock as a one-time stock dividend for each outstanding share of Class A and Class B common stock.
Talking about the proposal, in his note, Zuckererg said, "I’ll be able to keep founder control of Facebook so we can continue to build for the long term, and Priscilla and I will be able to give our money to fund important work sooner. Right now, there are amazing scientists, educators and doctors around the world doing incredible work. We want to help them make a bigger difference today, not 30 or 40 years down the road."
The adoption of the proposal is subject to the approval of the company's stockholders at its 2016 Annual Meeting of Stockholders to be held on June 20, 2016, and the record date for the payment of the Class C stock dividend would be set by the board of directors at a later date, said the company.
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