Facebook Q1 Results Trounce Estimates; CFO Ebersman To Step Down

(RTTNews) - Facebook, Inc. (FB) reported net income for the first quarter of $642 million or $0.25 per share, compared to $219 million or $0.09 per share for the year-ago quarter.

Excluding items, adjusted net income for the first quarter was $885 million or $0.34 per share, compared to $312 million or $0.12 per share in the prior year quarter.

Revenue for the first quarter rose 72% to $2.50 billion from $1.46 billion a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.24 per share on revenue of $2.36 billion for the first quarter. Analysts' estimates typically exclude special items.

Additionally, Facebook said that David Ebersman has informed the company of his intention to step down as chief financial officer after serving in the position for almost five years. On June 1, he will be succeeded as CFO by David Wehner, currently Facebook's Vice President, Corporate Finance and Business Planning. Ebersman will remain with the company through September to ensure a seamless transition of his responsibilities.