The social network earned a non-GAAP 12-cent profit, on target with expectations, on revenues of $1.18 billion, the latter up 32% and a tad above estimates.

Facebook suffered a net loss of $157 million, or 8 cents a share, largely because of accounting for employee stock plans post-IPO.

So overall, not a bad first quarter as a public company. It met analyst expectations and if not for the stock plans, it would have reported a profit.