Following the, many questions surround Facebook's current mobile strategy -- and it's bottom line.
The social network reported first quarter earnings of $219 million, or nine cents a share (statement). Non-GAAP earnings were 12 cents a share on a revenue of $1.458 billion -- up by 38 percent from Q1 2012.
Wall Street was expecting Facebook to report first quarter earnings of 13 cents a share on revenue of $1.44 billion.
Despite a narrow miss on the earnings target, Facebook shares were up by initially three percent in after-hours trading.
CEO Mark Zuckerberg kept things brief -- and diplomatic -- in prepared remarks:
We've made a lot of progress in the first few months of the year. We have seen strong growth and engagement across our community and launched several exciting products.
The world's largest social network continued to grow to approximately 1.11 billion monthly active users, up by 23 percent annually.
That growth rate nearly doubles when you hone in on just the mobile monthly active user base, which grew by 54 percent to 751 million.
Instagram alone reached 100 million monthly active users during the first quarter of 2013.
Aside from the debut of Home, a big focus for the Menlo Park, Calif.-based company was on digital advertising.
Facebook released a number of new products designed for better targeted online ads while also forming more partnerships for providing more "off-Facebook purchasing data" for delivering this more relevant marketing materials.
Advertising revenue in Q1 added up to $1.25 billion, representing 85 percent of total revenue and a 43 percent increase from the same quarter last year. Mobile advertising revenue accounted for roughly one third of total advertising revenue.
Screenshots via Facebook Investor Relations