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

President Trump's suburbs

Photo illustration: Annelise Capossela/Axios. Photo: Tom Williams/CQ Roll Call.

President Trump cast an outdated vision of "the 'suburban housewife'" as he swiped this week at Joe Biden's newly minted running mate Kamala Harris — building on his months-long play to drive a wedge through battleground-state suburbs by reframing white voters' expectations.

The big picture: As he struggles to find an attack that will stick against the Biden campaign, Trump for a while now has been stoking fears of lawless cities and an end to what he's called the “Suburban Lifestyle Dream.” It’s a playbook from the ‘70s and ‘80s — but the suburbs have changed a lot since then.

Trump tightens screws on ByteDance to sell Tiktok

Illustration: Aïda Amer/Axios

President Trump added more pressure Friday night on China-based TikTok parent ByteDance to exit the U.S., ordering it to divest all assets related to the U.S. operation of TikTok within 90 days.

Between the lines: The order means ByteDance must be wholly disentangled from TikTok in the U.S. by November. Trump had previously ordered TikTok banned if ByteDance hadn't struck a deal within 45 days. The new order likely means ByteDance has just another 45 days after that to fully close the deal, one White House source told Axios.

Updated 10 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9:30 p.m. ET: 21,056,850 — Total deaths: 762,293— Total recoveries: 13,100,902Map.
  2. U.S.: Total confirmed cases as of 9:30 p.m ET: 5,306,215 — Total deaths: 168,334 — Total recoveries: 1,796,309 — Total tests: 65,676,624Map.
  3. Health: CDC: Survivors of COVID-19 have up to three months of immunity Fauci believes normalcy will return by "the end of 2021" with vaccine — The pandemic's toll on mental health — FDA releases first-ever list of medical supplies in shortage.
  4. States: California passes 600,000 confirmed coronavirus cases.
  5. Cities: Coronavirus pandemic dims NYC's annual 9/11 Tribute in Light.
  6. Business: How small businesses got stiffed — Unemployment starts moving in the right direction.
  7. Politics: Biden signals fall strategy with new ads.