Facebook this afternoon reported its first quarterly earnings of the year and the numbers are favourable.
The world's largest social network saw revenue jump 72% year-over-year to $2.5 billion, beating analyst expectations and earning $0.34 per share, also ahead of analyst expectations.
Mobile continues to grow in importance for Facebook: mobile advertising revenue now makes up 59% of the company's total ad revenue, up from just 30% in 2013.
And despite a $19 billion acquisition of WhatsApp and a $2 billion acquisition of Oculus Rift during the quarter, Facebook is still sitting on $3 billion in cash.
The company noted during its post-earnings conference call that CFO David Ebersman stepping down later this year. According to Facebook, he will be succeeded by David Wehner, who hails from Zynga.
Shares in Facebook rose 3% during afterhours trading.