Facebook Profit Nearly Triples To $1.51 Billion

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Facebook announced a three-fold year-on-year rise in net profit for the quarter ended March to $1.51 billion. The growth was attributed to a 57% increase in advertising revenue to $5.2 billion. Further, monthly active users rose to 1.65 billion from 1.59 billion in the earlier quarter. Following the announcement, Facebook’s shares surged over 9% in after-hours trading.