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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

Dave Lawler, author of World
2 hours ago - World

How Biden might tackle the Iran deal

Photo illustration: Aïda Amer/Axios. Photo: Drew Angerer/Getty Images

Four more years of President Trump would almost certainly kill the Iran nuclear deal — but the election of Joe Biden wouldn’t necessarily save it.

The big picture: Rescuing the 2015 Joint Comprehensive Plan of Action (JCPOA) is near the top of Biden's foreign policy priority list. He says he'd re-enter the deal once Iran returns to compliance, and use it as the basis on which to negotiate a broader and longer-lasting deal with Iran.

Kamala Harris, the new left's insider

Photo illustration: Eniola Odetunde/Axios. Photo: Joe Buglewicz/Getty Images     

Progressive leaders see Sen. Kamala Harris, if she's elected vice president, as their conduit to a post-Biden Democratic Party where the power will be in younger, more diverse and more liberal hands.

  • Why it matters: The party's rising left sees Harris as the best hope for penetrating Joe Biden's older, largely white inner circle.

If Biden wins, Harris will become the first woman, first Black American and first Indian American to serve as a U.S. vice president — and would instantly be seen as the first in line for the presidency should Biden decide against seeking a second term.

Updated 10 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — U.S. tops 88,000 COVID-19 cases, setting new single-day record.
  2. Politics: States beg for Warp Speed billions.
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases.
  4. 🎧Podcast: The vaccine race turns toward nationalism.