Facebook beats by $0.02, reports revs in-line
Reports Q1 (Mar) earnings of $0.42 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.40; revenues rose 41.6% year/year to $3.54 bln vs the $3.56 bln consensus.
Key Metrics
- Daily active users (DAUs) were 936 million an increase of 17% y/y; Mobile DAUs were 798 million an increase of 31% y/y.
- Monthly active users (MAUs) were 1.44 billion an increase of 13% y/y; Mobile MAUs were 1.25 billion an increase of 24% y/y.
- Revenue totaled $3.54 billion, an increase of 42%, ex FX would have increased 49%.
- Revenue from advertising was $3.32 billion, a 46% y/y increase.
- Mobile advertising revenue represented approximately 73% of advertising revenue.
- Non-GAAP costs and expenses were $1.70 billion in the first quarter of 2015, up 57% y/y.
- Non-GAAP operating margin was 52% compared to 57% for the first quarter of 2014.
- Free cash flow for the first quarter of 2015 was $1.20 billion.
Conf Call Comments:
- FB and Instagram get 1 out of every 5 minutes spent on mobile.- Expect mobile video to become more important to marketers.
- Mobile remains key driver for FB; Instagram, Messenger and WhatsAp continue to grow.
- Europe and Rest of World growth rates were slowed by FX headwinds.
- Expenses- SBC and Amoritization contributed significantly to GAAP expense growth.
- Revenue Outlook- expect Q2 FX headwinds to be greater than 7% seen in Q1
- Total Payments and Other Fees revs will decline remainder of the year
- Expense Guidance- expect Non-GAAP y/y growth rate 50-60% (prior 50-65%)
- CapEX guidance remains unchanged; SBC $3.0-3.3 bln, reaffirms; Amortization expense guidance remains the same.