Shares of Facebook soared $10.68 Thursday or 5.85% to close at $193.26 after reporting strong earnings the day before.
The leading social network had revenues of $15.077 billion in the first quarter of 2019, up 26% from a year ago. Advertising made up most of this revenue or $14.912 billion with payments and other fees making up the rest.
Facebook and Instagram are making money almost entirely from mobile users. The company said mobile advertising made up 93% of total advertising revenue, up from 91% the previous year.
Sheryl Sandberg, the company’s Chief Operating Officer, said the bulk of its business comes from Facebook and Instagram feed ads.
Net income for the quarter was $2.42 billion.
The company revealed in its earnings report it is setting aside $3 billion in legal expenses which will likely come from a fine by the Federal Trade Commission for misusing user data. This fine could be as high as $5 billion.
The company estimates that more than 2.1 billion people now use Facebook, Instagram, WhatsApp, or Messenger every day on average, and around 2.7 billion people use at least one of its services each month.
Facebook Inc. said total employee headcount was 37,773 as of March 31, 2019, an increase of 36% year-over-year.