More users and higher ad revenue helps Facebook report strong 1Q results

MENLO PARK, California -- Facebook is reporting stronger-than-expected results for its first quarter, helped by a growing number of users and higher advertising revenue.

Facebook on Wednesday reported earnings of $1.51 billion, or 52 cents per share, up from $512 million, or 18 cents per share, in the same period a year earlier. Adjusted earnings were 77 cents per share in the latest quarter, well above the 62 cents that analysts polled by FactSet were expecting.

Revenue was $5.38 billion, up from $3.54 billion. Analysts had predicted $5.26 billion.

Separately, Facebook also announced that it will create a new class of non-voting stock, known as "Class C capital stock," designated to let CEO Mark Zuckerberg keep tight reins on the company even as it issues more shares to compensate employees and investors.