The company beat on both the top and bottom line and the stock surged ~8% after-hours.
Here are the most important numbers:
Earnings per share: $0.77 versus $0.62 expected
Revenue: $5.38 billion versus $5.25 billion expected and up 57% year-over-year
Monthly active users: 1.65 billion versus 1.62 billion expected
Daily active users: 1.09 billion on average for March 2016. This quarter, 66% of Facebook's monthly active users were daily active users, which is up from 65% during the same period last year
Along with strong growth across the board on those key numbers, Facebook also once again proved that its mobile business is thriving. It had 1.51 billion mobile MAUs, up 21% year-over-year, and the company made 82% of its advertising revenue from mobile this quarter (versus 73% at this time last year).
There are 894 million monthly active users who only check Facebook on their smartphones.
Outside of ad revenues, Facebook makes a small amount of money from payments and other fees: $181 million this quarter, which is down 20% year-over-year (the company has previously attributed this decline to a drop in revenue from gaming apps).
See photos of Facebook through the years:
Facebook through the years
Facebook crushes expectations, stock soars
An unidentifed University of Missouri student looks through Facebook while in class Wednesday, Feb. 22, 2006, on the Columbia, Mo. campus. Facebook, a popular online social network for students, has drawn the attention of several schools administrators and prospective employers to see what students are up to. (AP Photo/L.G. Patterson)
**ADVANCE FOR WEEKEND FEB. 24-25** Facebook.com's mastermind, Mark Zuckerberg smiles at his office in Palo Alto, Calif., Monday, Feb. 5, 2007. He is sitting on a potential gold mine that could make him the next Silicon Valley whiz kid to strike it rich. But the 22-year-old founder of the Internet's second largest social-networking site also could turn into the next poster boy for missed opportunities if he waits too long to cash in on Facebook Inc., which is expected to generate revenue of more than $100 million this year. The bright outlook is one reason Zuckerberg felt justified spurning several takeover bids last year, including a $1 billion offer from Yahoo Inc. (AP Photo/Paul Sakuma)
This photo photo provided by the Medill News Service shows a Facebook web page seen in Washington, Thursday, Feb. 14, 2008. (AP Photo/Medill, News Service, Lillian Cunningham)
FILE - This July 23, 2008 file photo shows Mark Zuckerberg, founder and CEO of Facebook, delivering the keynote address during the annual Facebook f8 developer conference in San Francisco. (AP Photo/Eric Risberg, File)
Facebook CEO Mark Zuckerberg delivers a keynote address at a conference in San Francisco, Wednesday, April 21, 2010. (AP Photo/Marcio Jose Sanchez)
A businessman displays the Facebook Inc. web page using an Apple iPad, made by Apple Inc. in this arranged photograph in London, U.K., on Thursday, Aug.19, 2010. Research In Motion Ltd. is turning to technology used in BMW audio systems and the Armyï¿½s Crusher tank as it tries to distinguish its new tablet computer from Apple Inc.ï¿½s iPad, said three people familiar with the plans. Photographer: Jason Alden/Bloomberg via Getty Images
FILE- This undated product image released by Facebook on Aug. 25, 2010, shows Facebook Places. (AP Photo/Facebook) NO SALES. BEST QUALITY AVAILABLE.** zu APD9318 **
Mark Zuckerbergs facebook page. (Erkan Mehmet / Alamy)
Facebook CEO Mark Zuckerberg talks about the redesign during the f/8 conference in San Francisco, Thursday, Sept. 22, 2011. Facebook is dramatically redesigning its users' profile pages to create what Zuckerberg says is a "new way to express who you are." (AP Photo/Paul Sakuma)
This June 20, 2012 photo shows a Facebook login page on a computer screen in Oakland, N.J. Facebook is expected to report their quarterly financial results after the market closes on Thursday, July 26, 2012. (AP Photo/Stace Maude)
FILE - In this May 9, 2013 file photo, Joshua Knoller, an account manager with Nicholas & Lence Communications, looks at the Facebook page of his mother, Rochelle Knoller of Fair Lawn, N.J., on his office computer, in New York. Knoller spent years refusing his motherâs âFriend Requestâ on Facebook before eventually âcaving in.â Today they have an agreement: sheâll try not to make embarrassing comments, and he can delete them if she does. (AP Photo/Richard Drew, File)
Facebook CEO Mark Zuckerberg gestures while delivering the keynote address at the f8 Facebook Developer Conference Wednesday, April 30, 2014, in San Francisco. (AP Photo/Ben Margot)
23 March 2015 - Istanbul, TURKEY: Facebook user login screen. The number of active mobile users Facebook has reached 1 billion people. (Photo via Shutterstock)
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The company is also proposing a new class of non-voting stock to make sure that Facebook CEO Mark Zuckerberg retains majority control:
"If the proposal is approved, we intend to issue two shares of Class C capital stock as a one-time stock dividend in respect of each outstanding share of our Class A and Class B common stock. This proposal is designed to create a capital structure that will, among other things, allow us to remain focused on Mr. Zuckerberg's long-term vision for our company and encourage Mr. Zuckerberg to remain in an active leadership role at Facebook."
Here are the other important numbers:
Total costs and expenses were $3.37 billion, up 29% year-over-year and capital expenditures were $1.13 billion.
Free cash flow for the first quarter of 2016 was $1.85 billion
Most of Facebook's revenue comes from North America and Europe with only about 24% ($1.3 billion) coming from Asia-Pacific and the rest of the world. But those areas account for 66% of its monthly active users. The average revenue per user in those regions is still tiny, compared to in the US — $1.56 and $0.91, respectively, vs. $12.43 and $3.98 in the US and Europe.
Here's a look at where Facebook's revenue comes from geographically: