Earlier this year, when Facebook announced its earnings for the fourth quarter and full year 2016, it showed a steady growth in its revenue and user base.
Mark Zuckerberg's company was boosted by solid growth in its mobile ad business, with mobile ad revenue making up 85 er cent of the firm's total advertising revenue.
The company also beat expectations for earnings per share with $1.04 vs. $0.87 expected.
This quarter marks the first time that Facebook is "no longer reporting non-GAAP expenses, income, tax rate, and earnings per share", the company said in a statement. The stock further slipped $1.95 or 1.28% in the after-hours trading.
Facebook didn't immediately provide estimates for full-year 2017, but analysts had forecast an adjusted profit of $6.25 a share on revenues of $27.6 billion.
On Wednesday, the social network reported hitting 1.94 billion monthly users as of the end of the March quarter.
That would give Facebook a 22.6 percent share of the worldwide mobile ad market, with arch-rival Google projected to be the leader with a 35.1 percent share, according to eMarketer. "We're continuing to build tools to support a strong global community".
Wall Street was looking for a GAAP EPS of 887 cents on revenue of $7.83 billion. The FactSet consensus was for monthly active users of 1.91 billion and daily active users of 1.256 billion.
To get the focus of its latest earnings release on mobile advertising, and not controversy around its news feeds, Facebook earlier in the day said it will hire 3,000 more people to review videos and other posts for evidence of crimes and other sensitive content.
Overall, these are stellar but predictable results, a continuation of the momentum the company has displayed over the previous year and half.