Facebook reported solid results for Q1 2017, with revenues exceeding Wall Street estimates. Total revenue grew 49 per cent to $8.03bn (£6.23bn), compared to $5.38bn for Q1 2016, while the general consensus on the Street was that revenues would fall closer to $7.8bn.

Advertising revenue accounted for $7.86bn of total revenues, up 51 per cent year-on-year (YoY) from $5.2bn. However, it was mobile ad revenue that was the driving force. Mobile grew by 58 per cent to $6.7bn, accounting for approximately 85 per cent of total ad revenue.

“Were off to a strong start in 2017,” said Sheryl Sandberg, Facebook COO, in an earnings call. “Were helping marketers leverage the power of mobile, developing innovative ad products, and delivering proven and measurable results. Were excited about the growing adoption of our platforms, and were going to continue to invest in helping businesses and people connect.”

All-in-all, Facebook posted a net income of $3.06bn for the quarter – up 76 per cent YoY from $1.74bn – with diluted earnings per share reaching $1.04, compared to $0.60 a year ago.

In addition to an impressive financial quarter, Facebook enjoyed growth on the operational side of things also.

The social network reported that it is closing in on 2bn monthly active users (MAUs). As of 31 March, Facebook says it had 1.94bn MAUs, which is an increase of 17 per cent YoY. The Asia-Pacific region being the area that saw the biggest increase – jumping from 566m users Q1 2016 to 716m in Q1 2017. The period has also seen Facebook’s daily active users grow by 18 per cent to 1.28bn.

“Weve made some good progress,” said Mark Zuckerberg, Facebook co-founder and CEO, in the call. “We have a lot more to do to help build community and connect the world. I want to thank everyone in our community, our teams, our partners, and all of you for being a part of this journey with us.”