Facebook beats Wall Street's first-quarter estimates, CFO David Ebersman departing

By Kyle Johnson,

Facebook announced on Wednesday that it easily beat Wall Street's expectations on first-quarter profits and also reported that Chief Financial Officer David Ebersman would be stepping down in a few months.

The social media company reported that first-quarter sales were up 72 percent from the previous first quarter to $2.5 billion. San Jose Mercury News reports Facebook's profits for the same time period were nearly triple 2013's first quarter, up to $642 million.

According to The Hollywood Reporter, per-share earnings were up to 34 cents, which beats Wall Street's estimates of 24 cents per share. Revenue from the first quarter was largely from advertising.

In another positive announcement from the company, daily active users increased 21 percent, while monthly active users was up 15 percent, to 802 million and 1.28 billion, respectively.

Amidst the positive profit and revenue reports, Facebook did announce that CFO Ebersman would be stepping down in June. He will help David Wehner transition into the role before leaving for good in September. Wehner is currently the vice president corporate finance and business planning.

Facebook CEO Mark Zuckerberg said Ebersman was "a great partner in building" the company." He "set us up to make the long term investments that we need."

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