News

Facebook revenue, profit grow in first quarter

Also, 1.11 billion people actively use site each month

Facebook's profit and revenue grew in the first quarter of 2013, boosted by an increase in mobile advertising.

The company's revenue jumped 38 percent from the same time last year, from $1.06 billion to $1.46 billion, although its profits increased only 7 percent, from $205 million to $219 million, according to its SEC filings.

The company attributed its relatively small profit increase to a 60 percent jump in expenses related to infrastructure and hiring, which cost the company $1.08 billion.

"We've made a lot of progress in the first few months of the year," said Mark Zuckerberg, Facebook founder and CEO. "We have seen strong growth and engagement across our community and launched several exciting products."

Mobile advertising revenue accounted for 30 percent of the Menlo Park-based social networking site's total revenue. In the previous quarter, mobile advertising revenue accounted for about 23 percent of Facebook's revenue, and in the quarter before that, 14 percent.

Last month, the company debuted Facebook Home, a mobile launcher app for Android-based devices that puts Facebook features on device home screens.

The company said its user base has grown, too. It reports that it now has 1.11 billion monthly active users and 665 million daily active users.

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