Facebook tops Street 1Q forecasts

MENLO PARK, Calif. — Facebook Inc. (FB) on Wednesday reported first-quarter profit of $3.06 billion.

On a per-share basis, the Menlo Park, California-based company said it had profit of $1.04. This is above the 87 cents per share that analysts polled by FactSet had expected.

The social media company posted revenue of $8.03 billion in the period, also beating Street forecasts.