Facebook’s Q1 earnings beat analyst expectations, CFO David Ebersman resigns

Facebook (s fb) released its earnings report for Q1 2014, posting revenue of $2.5 billion — an increase of 76 percent since 2013 and ahead of Wall Street’s expectation of $2.36 billion. In addition, Facebook CFO David Ebersman has announced his intention to step down, to be replaced by Facebook VP David Wehner. Ebersman will remain at his position through September of this year.
“David has been a great partner in building Facebook, and I’m grateful for everything he’s done to help make the world more open and connected,” said CEO Mark Zuckerberg in a press release. “David set us up to operate efficiently and make the long term investments we need, and built an incredibly strong team including Dave Wehner, our next CFO. I look forward to working with Dave in his new role.”
Ebersman joined Facebook in 2009 after spending 15 years with Genentech, where he was executive vice president and CFO. He said in a press release that he will return to the healthcare industry, where he started his career. Incoming CEO Wehner joined Facebook in 2012, where he served as CFO through the company’s IPO, and currently handles Facebook’s Corporate Finance and Business Planning department.
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As for traffic, Facebook reported 1.28 billion monthly active users as of March 31, a 15 percent year-over-year increase. Mobile is also growing, with 1.01 billion mobile MAUs on its core mobile app as of March 31 — not including the 200 million users on its Messenger app (which Zuckerberg announced on the company’s earnings call late this afternoon) and  200 million who use Instagram. And, the company is turning those users into income: the company reported net income of $642 million, up from $219 million for the first quarter of 2013. Non-GAAP diluted earnings per share was $0.34, up 183% compared to $0.12 in the first quarter of 2013 and beating analyst’s expectations of $0.24 per share.
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Facebook has had a busy quarter, particularly in the acquisitions department. Not only did it purchase SMS alternative WhatsApp for $16 billion, but it also acquired VR technology company Oculus for $2 billion (though neither deals have officially closed). The company is also doubling down in its efforts to increase accessibility to the Web, forming the Facebook Connectivity Lab to experiment with drone technology. Additionally, the company will be putting on its first F8 developer conference since 2011 — when it debuted the Open Graph and Timeline — later this month.

“We want to keep serving developers better, and help them build, grow and monetize their apps,” Zuckerberg said on the company’s earnings call.

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This post has been updated with information provided during Facebook’s earnings call.