Facebook Posts Strong Mobile Ad Earnings

Facebook on Wednesday reported strong earnings in advertising for the first quarter of 2013, particularly in the mobile channel.

Minutes ago, the social media giant posted net income of $219 million, which is up from $205 million from a year earlier.

Earnings excluding items were $312 million, or 12 cents a share, compared with $287 million, or 12 cents per share in the first quarter of 2012. That missed Wall Street estimates by a penny, according to estimates from Thomson Reuters.

According to CNBC, revenue rose 38 percent to $1.46 billion from the $1.06 billion booked in the year-earlier quarter, beating forecasts for $1.44 billion.

Perhaps most impressively, Facebook’s quarterly revenue from advertising totaled $1.25 billion – 43 percent higher than a year ago. In particular, mobile advertising revenue represented nearly 30 percent of total advertising revenue in the quarter.