Facebook’s Q1 earnings beat analyst expectations, CFO David Ebersman resigns


Facebook (s fb) released its earnings report for Q1 2014, posting revenue of $2.5 billion — an increase of 76 percent since 2013 and ahead of Wall Street’s expectation of $2.36 billion. In addition, Facebook CFO David Ebersman has announced his intention to step down, to be replaced by Facebook VP David Wehner. Ebersman will remain at his position through September of this year.

“David has been a great partner in building Facebook, and I’m grateful for everything he’s done to help make the world more open and connected,” said CEO Mark Zuckerberg in a press release. “David set us up to operate efficiently and make the long term investments we need, and built an incredibly strong team including Dave Wehner, our next CFO. I look forward to working with Dave in his new role.”

Ebersman joined Facebook in 2009 after spending 15 years with Genentech, where he was executive vice president and CFO. He said in a press release that he will return to the healthcare industry, where he started his career. Incoming CEO Wehner joined Facebook in 2012, where he served as CFO through the company’s IPO, and currently handles Facebook’s Corporate Finance and Business Planning department.

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“We want to keep serving developers better, and help them build, grow and monetize their apps,” Zuckerberg said on the company’s earnings call.

This post has been updated with information provided during Facebook’s earnings call.

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