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Facebook Inc. (FB) - Get Meta Platforms Inc. Report shares were up almost 5% on Wednesday afternoon after the social media giant beat first quarter earnings and revenue expectations.

The company reported GAAP earnings per share of $1.69 compared to analysts' expectations of $1.35, and revenues of $11.96 billion vs. estimates of $11.4 billion.

TheStreet is hosting a live blog covering Facebook's first-quarter earnings and investor call. Please join us!

Analysts cited advertising revenues and user engagement as key concerns following the Cambridge Analytica data scandal. But Facebook reported an average of 1.45 billion daily active users during March 2018, an increase of 13% year-over-year. Advertising revenue was about $11.8 billion, compared to a consensus estimate of $11.3 billion.

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"We are taking a broader view of our responsibility and investing to make sure our services are used for good," CEO Mark Zuckerberg said in a news release. "But we also need to keep building new tools to help people connect, strengthen our communities, and bring the world closer together."

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The social network has been under fire for its lack of transparency and data privacy policies. The company will continue to attract attention as it works to comply with new privacy regulations abroad, namely the European Union's new General Data Protection Regulation.

Shares were up 4.9% to $167.53 after hours after closing the day flat at $159.69. Since the beginning of the year, the stock has fallen 6.6%.

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