Facebook earnings soar on mobile ad sales boom

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But don't expect this rate of ad revenue growth to continue, says CFO.

Facebook's advertising sales in the first quarter of 2017 grew by 51 percent to $7.86 billion, helping the social media giant exceed analysts' expectations.

The revenue boost pushed up net income for the quarter by 76 percent to $3.06 billion. Mobile advertising made up 85 percent of sales—up from 82 percent in the first quarter of 2016.

But the company’s chief financial officer, David Wehner, warned that this rate of ad revenue growth would not be maintained in the second half of the year, in part because of self-imposed limits of the level of advertising shown in Facebook’s news feed, the FT reports.

Facebook also revealed updated user numbers for its flagship platform. It now has 1.94 billion monthly active users—up 17 percent year-on-year.

But daily active users were also up 18 percent, to 1.28 billion. This means the number of people using Facebook on any given day is likely to soon exceed the population of India (1.34 billion) and China (1.39 billion).