Facebook profits rocket as ad sales surge, users swell to 1.65 billion

April 28, 2016 10:15

Facebook is crushing it: the company nearly doubled revenue from last year, and tripled its profit. Facebook on Wednesday posted a 52 percent surge in first quarter revenue, bucking a gloomy tech trend that has seen Apple, Twitter, Microsoft and Google disappoint investors this earnings season.

Profit in the first quarter tripled from a year ago to $1.5 billion as revenue jumped to $5.4 billion from $3.5 billion in the same period a year earlier. "We had a great start to the year," said Facebook co-founder and chief executive Mark Zuckerberg.

Facebook also announced that its board of directors has approved a plan to create a non-voting class of stock intended to raise capital while leaving Zuckerberg in control of the company's vision and direction.

Shareholders will get to vote on the proposal at an annual stockholders meeting on June 20, according to Facebook.

The move aims to allow Zuckerberg to remain in charge even as he gives away the bulk of his holdings to charity as he announced last year with his wife.

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