Facebook reported first-quarter 2013 earnings that were close to Wall Street's expectations.

The social network came in with earnings per share of 12 cents, excluding one-time items, and revenue that grew 38 percent to $1.46 billion compared to the same quarter one year ago. The company said mobile advertising accounted for around 30 percent -- which amounts to about $375 million -- of its advertising revenue for the quarter. Revenue from advertising in the quarter totaled $1.25 billion, or 85 percent of total revenue.

Facebook had 1.11 billion monthly active users as of March 31. The company grew its daily active users to 665 million people, which is an increase of 26 percent year over year. Facebook saw the most explosive growth in mobile active users; it had 751 million monthly mobile active users by quarter's end, marking 54 percent year-over-year growth.Facebook Q1 Revenue Up 38pct to $1.46 Billion [news.cnet.com]