Facebook's CFO to Step Down as Earnings Soar

Wednesday, Apr 23, 2014  |  Updated 2:15 PM PDT
View Comments (
)
|
Email
|
Print
Facebook's CFO to Step Down as Earnings Soar

Kevork Djansezian/Getty Images

: David Ebersman, CFO of Facebook, Inc., attends the Allen & Co. annual conference on July 10, 2013 in Sun Valley, Idaho.

Facebook says its finance chief, David Ebersman, is leaving on June 1 after five years. He'll be replaced by David Wehner, currently vice president of corporate finance and business planning.

Facebook's first-quarter earnings and revenue grew sharply, surpassing Wall Street's expectations thanks to an 82 percent increase in advertising revenue.

The social network said Wednesday that it earned $642 million, or 25 cents per share, in the January-March quarter, up from $219 million, or 9 cents per share, in the same period a year ago. Adjusted earnings were $885 million or 34 cents per share.

Facebook says its revenue was $2.5 billion, up 71 percent from $1.46 billion in the same period a year ago.

Analysts expected adjusted earnings of 24 cents per share on revenue of $2.36 billion.

Get the latest headlines sent to your inbox!
View Comments (
)
|
Email
|
Print
Leave Comments
What's New
Running Dry
Coverage of the California drought. Read more
Follow Us
Sign up to receive news and updates that matter to you.
Send Us Your Story Tips
Check Out