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Photo: Christophe Simon/AFP via Getty Images

Facebook stock was up nearly 3% in after-hours trading Wednesday after the tech giant beat Wall Street expectations on first quarter earnings, revenue and user growth.

Why it matters: Chaos surrounding user privacy and election integrity, driven by the Cambridge Analaytica scandal, didn't scare advertisers or significantly impact their bottom line.

Worth noting: Mark Zuckerberg, in an interview leading up to his two Congressional hearings, said that the scandal didn't have any material impact on the company's user base or business, so the results aren't entirely unexpected. Analysts also predicted that Facebook would meet investor expectations.

"Despite facing important challenges, our community and business are off to a strong start in 2018. We are taking a broader view of our responsibility and investing to make sure our services are used for good."
— Facebook CEO and founder Mark Zuckerberg

By the numbers:

  • Revenue: $11.97B, up 49% from $8.03B last year, beating consensus of $11.41B
  • EPS: $1.69, up 63% from $1.04 in 2017, beating consensus of $1.35
  • Ad Revenue: $11.8B, up 50% from $7.86B last year, beating consensus of $11.25B.
  • Daily Active Users were 1.45B on average for March 2018, up 13% year-over-year.
  • Monthly Active Users were 2.20B as of March 31, 2018, up 13% year-over-year.

Sign of the times: Mobile ad revenue represented roughly 91% of advertising revenue for the first quarter of 2018. That's up from about 85% of advertising revenue in the first quarter of 2017 and 0% in 2011.

Go deeper

7 mins ago - World

Putin to demand legal guarantee against NATO expansion in call with Biden

Biden and Putin meeting in Geneva in June. Photo: Mikhail Metzel\TASS via Getty Images

Russian President Vladimir Putin is demanding a legally binding guarantee that NATO will not expand east — including to Ukraine — and plans to raise the issue in an upcoming phone call with President Biden, according to the Kremlin.

Why it matters: Russia has massed more than 94,000 troops on the border with Ukraine and could be preparing for a large-scale invasion at the end of January, Ukraine's defense minister said Friday.

A tale of two jobs reports

Source: Bureau of Labor Statistics; Chart: Axios Visuals

Whatever you think about the economy, you’ll find something in this morning’s conflicting jobs report to reinforce your views: America's job market is white-hot and the labor market is anemic.

Between the lines: The conflict comes from the two separate surveys the government uses to compile the report.

Elon Musk's mega-billion bounty

Photo: Patrick Pleul/picture alliance via Getty Images

Here's how insanely rich Elon Musk is: He has unloaded $10 billion of his stock in the past month — and could do that 15+ more times given his silos of shares.