The social network earned 34 cents a share over the three months to March, 10 cents higher than analysts surveyed by Thomson Reuters had forecast.
Revenue of $2.5 billion was 71.2% higher year over year and beat estimates by $140 million.
"We've made some long term bets on the future while staying focused on executing and improving our core products and business," said CEO Mark Zuckerberg in a statement.
After the bell, shares had added 1.3% to $62.15.
TheStreet Ratings team rates FACEBOOK INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate FACEBOOK INC (FB) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the stock itself is trading at a premium valuation."