Facebook's CFO to Step Down as Earnings Soar

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    NEWSLETTERS

    TK
    Kevork Djansezian/Getty Images
    : David Ebersman, CFO of Facebook, Inc., attends the Allen & Co. annual conference on July 10, 2013 in Sun Valley, Idaho.

    Facebook says its finance chief, David Ebersman, is leaving on June 1 after five years. He'll be replaced by David Wehner, currently vice president of corporate finance and business planning.

    Facebook's first-quarter earnings and revenue grew sharply, surpassing Wall Street's expectations thanks to an 82 percent increase in advertising revenue.

    The social network said Wednesday that it earned $642 million, or 25 cents per share, in the January-March quarter, up from $219 million, or 9 cents per share, in the same period a year ago. Adjusted earnings were $885 million or 34 cents per share.

    Facebook says its revenue was $2.5 billion, up 71 percent from $1.46 billion in the same period a year ago.

    Analysts expected adjusted earnings of 24 cents per share on revenue of $2.36 billion.