Facebook Q1 2013: Despite Reports To The Contrary, Facebook Just Keeps Adding Users

MENLO PARK, Calif. (AP) -- Facebook says its net income and revenue grew in the first quarter of the year, helped by an increase in mobile ad revenue.

Facebook Inc. said Wednesday that its net income was $219 million, or 9 cents per share, in the January-March period. That's up from $205 million, or 9 cents per share, in the same period a year ago when the company was still private.

Neilsen said on Wednesday that Facebook had lost 10 million users in the U.S. in the last 12 months, dropping to 142 million monthly users in March 2013. On the contrary, however, Facebook just revealed that it actually has 195 million American members.

Revenue grew 38 percent to $1.46 billion from $1.06 billion. FactSet says analysts expected revenue of $1.44 billion.

Excluding special items, mainly related to stock compensation expenses, Facebook earned 12 cents per share, matching analysts' expectations.

Menlo Park, Calif.-based Facebook says its mobile advertising revenue represented 30 percent of the total at $375 million. That's up from 23 percent in the fourth quarter.