Facebook Inc (FB) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Facebook Reports First Quarter 2019 Results

MENLO PARK, Calif. – April 24, 2019 – Facebook, Inc. (Nasdaq: FB) today reported financial results for the quarter ended March 31, 2019.

"We had a good quarter and our business and community continued to grow," said Mark Zuckerberg, Facebook founder and CEO. "We are focused on building out our privacy-focused vision for the future of social networking, and working collaboratively to address important issues around the internet."

First Quarter 2019 Financial Highlights



	Three Months Ended March 31,						Year-over-Year % Change
In millions, except percentages and per share amounts	2019			2018			Year-over-Year % Change
Revenue:
Advertising	$	14,912		$	11,795		26	%
Payments and other fees	165			171			(4	)%
Total revenue	15,077			11,966			26	%
Total costs and expenses*	11,760			6,517			80	%
Income from operations*	$	3,317		$	5,449		(39	)%
Operating margin*	22		%	46		%
Provision for income taxes	$	1,053
Effective tax rate*	30		%
Net income*	$	2,429		$	4,988		(51	)%
Diluted earnings per share (EPS)*	$	0.85		$	1.69		(50	)%

*Includes a $3.0 billion legal expense accrued in the first quarter of 2019 related to the ongoing U.S. Federal Trade Commission (FTC) matter as discussed below. As this expense is not expected to be tax-deductible, it had no effect on our provision for income taxes. Excluding this expense, our operating margin would have been 20 percentage points higher, our effective tax rate would have been 14 percentage points lower and our diluted EPS would have been $1.04 higher.

First Quarter 2019 Operational and Other Financial Highlights


•	Daily active users (DAUs) – DAUs were 1.56 billion on average for March 2019, an increase of 8% year-over-year.


•	Monthly active users (MAUs) – MAUs were 2.38 billion as of March 31, 2019, an increase of 8% year-over-year.


•	Mobile advertising revenue – Mobile advertising revenue represented approximately 93% of advertising revenue for the first quarter of 2019, up from approximately 91% of advertising revenue in the first quarter of 2018.


•	Capital expenditures – Capital expenditures, including principal payments on finance leases, were $3.96 billion for the first quarter of 2019.


•	Cash and cash equivalents and marketable securities – Cash and cash equivalents and marketable securities were $45.24 billion at the end of the first quarter of 2019.


•	Headcount – Headcount was 37,773 as of March 31, 2019, an increase of 36% year-over-year.

In addition, we estimate that more than 2.1 billion people now use Facebook, Instagram, WhatsApp, or Messenger (our "Family" of services) every day on average, and around 2.7 billion people use at least one of our Family of services each month.

In the first quarter of 2019, we reasonably estimated a probable loss and recorded an accrual of $3.0 billion in connection with the inquiry of the FTC into our platform and user data practices, which accrual is included in accrued expenses and other current liabilities on our condensed consolidated balance sheet. We estimate that the range of loss in this matter is $3.0 billion to $5.0 billion. The matter remains unresolved, and there can be no assurance as to the timing or the terms of any final outcome.

The following information was filed by Facebook Inc (FB) on Wednesday, April 24, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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