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April 23, 2014 AT 12:03 PM
Facebook's first-quarter earnings and revenue grew sharply, surpassing Wall Street's expectations thanks to an 82 percent increase in advertising revenue. The social network said Wednesday that it earned $642 million, or 25 cents per share, in the January-March quarter, up from $219 million, or 9 cents per share, in the same period a year ago. Facebook says its revenue was $2.5 billion, up 71 percent from $1.46 billion in the same period a year ago. Additionally, Facebook says its finance chief, David Ebersman, is leaving on June 1 after five years.