Facebook, Inc. reported impressive financial results for the first quarter of 2021. The social media giant reported record profits amid strong user growth and increased revenue from digital advertising.
The company posted $17.44 billion in revenue for the quarter, up 48% year-over-year. Net income for the quarter was $9.5 billion, a stunning 86% increase from the same period a year earlier.
Facebook’s total monthly active users (MAUs) for the first quarter grew to 2.85 billion, up from 2.85 billion in the fourth quarter of 2020. This marks the first time in Facebook’s history that it has crossed the 2.85 billion mark.
The company’s impressive performance was helped by strong growth in its digital advertising business, which accounted for 98% of total revenue. Advertising revenue for the quarter was $17.1 billion, up 48% year-over-year.
The strong financial results were also driven by Facebook’s “family of apps”, which includes Instagram, WhatsApp, and Messenger. The total number of MAUs for these services grew to 3.45 billion in the first quarter.
Overall, the first quarter of 2021 was a great one for Facebook. The company’s strong user growth and record profits demonstrate the company’s resilience and ability to capitalize on the shift to digital advertising. Facebook’s success in the first quarter is a positive sign for the rest of the year.