India, April 24 -- Facebook Inc. (FB) Wednesday reported a first-quarter profit that trumped Wall Street estimates, driven largely by higher-than expected revenue growth reflecting increase in ad revenues. Shares were up 5 percent in extended trading session.
Menlo Park, California-based Facebook's first-quarter profit dropped to $2.43 billion or $0.85 per share from $4.99 billion or $1.69 per share last year.
Facebook said it took a charge of $3.0 billion in the quarter in connection with the inquiry of the FTC into the company's platform and user data practices. The company estimates the range of loss in the matter to be $3.0 billion to $5.0 billion.
On an adjusted basis, earnings for the quarter were $1.89 per share. On average, 39 an...