Facebook has beat market expectations after the release of its first quarter financial results on Wednesday, including a record userbase.
The social media giant posted diluted earnings per share of $1.04 on revenue of $8.03 billion. Its diluted EPS is up 73 percent year-over-year, while revenue is up 49 percent.
“We had a good start to 2017,” founder and CEO Mark Zuckerberg said in a statement. “We’re continuing to build tools to support a strong global community.”
The company recorded an average of 1.28 billion daily active users in March 2017, with monthly users at a record average of 1.94 billion by March 31.
“Over the next 5 years, we’re going to build ecosystems around our products that a lot of people are already using,” Zuckerberg added, putting Live Video in that category. Over the past year, daily watch time for Facebook Live broadcasts has grown by more than four times, he said.
Facebook investments include artificial intelligence, which promises to be an effective tool for prioritizing content, helping smartphone applications ‘recognize’ what cameras are pointed at, and even identify violent video content being streamed live.
“AI will get better over time, but it will take years to get to the level we want,” Zuckerberg said.