Facebook Earnings: Live Blog Recap

Updated from 3:45 p.m. EST to provide executive comments from conference call.

NEW YORK ( TheStreet) -- Facebook ( FB) beat revenue forecasts, as the company continues to see strong growth in its mobile initiatives, but operating expenses weighed down earnings in the first quarter.

Facebook earned 12 cents a share on $1.458 billion, a year-over-year increase of 38%, led by strength in mobile advertising, which accounted for 30% of total advertising revenue.

The Menlo Park, Calif.-based firm was expected to earn 13 cents on a non-GAAP basis, with revenue coming in at $1.44 billion, according to analysts surveyed by Thomson Reuters. Analysts surveyed by Estimize were a little more bullish, looking for 15 cents a share on $1.48 billion in sales.

Mobile users continued to grow, and mobile monthly active users (MAUs) grew to 751 million, with total daily active users reaching 1.1 billion.

Capital expenditures during the quarter fell year over year, declining 28% to $327 million, but overall spending rose 60% to $1.08 billion on a GAAP basis, as the company continues to invest in its future. Spending has been a concern for Wall Street, as the company guided that operating expenses would rise sharply year-over-year. On the earnings call, CFO David Ebersman said that Facebook's capital expenditures would stay around $1.8 billion this year, as the company continues to invest in its future.

Zuckerberg was asked what excites him the most, and he responded by saying things that drive quality are important to him. "I think over the long-term the important thing is getting high-quality ads."

-- Written by Chris Ciaccia, James Rogers and Andrea Tse in New York

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