Social media giant Facebook now has 1.88 billion daily active users and 2.85 billion monthly active users, as ad-driven revenue surged 48% to $26.2 billion, crushing forecasts.

The social network beat expectations and posted a record revenue of $26.1 billion in the first quarter, 48 per cent more than the same period last year.

It reported net income of $9.5 billion, nearly double the income of $4.9 billion in the first quarter of 2020.

“We had a strong quarter as we helped people stay connected and businesses grow,” said Facebook CEO Mark Zuckerberg.

“We will continue to invest aggressively to deliver new and meaningful experiences for years to come, including in newer areas like augmented and virtual reality, commerce, and the creator economy,” he said in a statement on Wednesday.

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