Facebook shares soar as results beat expectations while Apple and Twitter drop

In December 2015 the Facebook founder said he will give 99 per cent of his Facebook shares, at the time worth around £30 billion, to "good companies" as part of the Zuckerberg Chan Initiative.

It grew 3.77% from 1.59 billion users last quarter, and did well coming off the the Q4 holiday period's $5.841 billion in revenue. Earnings per share hit 77 cents well ahead of the 62 cents expected.

The bulk of GAAP revenue came from advertising at $5.201 billion, a 57 percent year-over-year increase. The social media network of 1.65 billion monthly users beat Wall Street expectations of $5.26 billion in income by almost $110 million.

Facebook also announced plans to introduce a new class of stock, as well as encouraging Mr Zuckerberg to "remain in an active leadership role" at the company.

Shares of Facebook are up 7 percent in after-hours trading, after the company posted first-quarter results that handily beat Wall Street expectations on Wednesday.

Net income was $1.510 billion, up 194.9% from $512 million. Mark Zuckerberg said today on the Q1 2016 earnings call that "Today, people around the world spend on average more than 50 minutes a day using Facebook, Instagram and Messenger...and that doesn't count WhatsApp".

Last quarter, Facebook passed the halfway mark for mobile-only users (51.7 percent to be exact).

Facebook has beaten expectations for its first quarter pushed by its robust mobile advertising business and a growing number of users.

Facebook shares rose nearly 12 percent to more than $121.

As it reported financial results, Facebook proposed creating a new class of stock that would let consumers buy a share of the company without getting voting rights. If the split is approved all Class A and B shareholders will receive an additional two Class C shares for every one Class A or B share they own.

The revenue Facebook derives from each user (that's you and your friends) has also risen to an average of $3.32, from $2.50 a year earlier.

Between Q4 and Q1, Facebook added 71 million mobile-only users.

Facebook's supremacy in the mobile ads world is nothing new. Mobile ads represented roughly 82% of advertising revenue for the first quarter, up from 73% of advertising revenue a year ago.

Shareholders are scheduled to vote on the proposal at the company's annual meeting on June 20.

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