Facebook Inc (FB) released its latest earnings report after closing bell tonight, posting GAAP earnings of $1.04 per share on $8.03 billion in revenue. Analysts had been expecting 87 cents per share in earnings on $7.83 billion in revenue. In the same quarter a year ago, the social networking firm reported GAAP earnings of 60 cents per share on $5.38 billion in revenue.

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Facebook’s ad revenue dependence concerns some

Facebook Inc (FB)’s ad revenue rose 51% year over year to $7.86 billion, while Payments and other fees revenue fell 3% year over year to $175 million. Mobile ad revenue was 85% of total ad revenue, up from 82% in the year-ago quarter. Analyst Clement Thibault of Investing.com told ValueWalk in an email before tonight’s release that he’s concerned about the increase in dependence on advertising income.

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“Though the company was cagier about admitting by exactly how much, nor did they disclose how it will affect Facebook Inc (FB)’s overall revenue, this forces investors—and Facebook Inc (FB)—to try and identify the next possible big revenue stream(s),” he said. … “While Facebook Inc (FB) will never be a value investment, at its current price it would still be a decent growth investment. However, we expect the company’s revenue growth slowdown to create a market overreaction. At that time, we plan to take advantage of the expected decrease in the share price.”

Facebook’s user base keeps growing

Facebook Inc (FB) said its daily active user base grew 18% to 1.28 billion, while its monthly active users grew 17% to 1.94 billion.

Before tonight’s release, Hannu Verkasalo, founder and CEO of Verto Analytics, weighed in before tonight’s release.

Facebook Inc (FB) seems to have been overall focused on global user growth, while many of the much hyped new features like bots and other ways to improve engagement and monetization, like mobile payments, in-app gaming–which have been common in Line and WeChat in Asia for a long time–have not yet materialized into reality with Facebook Inc (FB)’s apps in the Western markets.”

Shares of Facebook Inc (FB) were little changed in after-hours trading, as they ticked lower by as much as 0.07% to $151.52.

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