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Facebook reports stronger-than-expected 1Q results

MENLO PARK, Calif. -- Facebook (FB) is reporting stronger-than-expected results for its first quarter, helped by a growing number of users and higher advertising revenue.

Facebook on Wednesday reported earnings of $1.51 billion, or 52 cents per share, up from $512 million, or 18 cents per share, in the same period a year earlier. Adjusted earnings were 77 cents per share in the latest quarter, well above the 62 cents that analysts polled by FactSet were expecting.

Revenue was $5.38 billion, up from $3.54 billion. Analysts had predicted $5.26 billion.

Separately, Facebook also announced that it will create a new class of non-voting stock, known as "Class C capital stock," designated to let CEO Mark Zuckerberg keep tight reins on the company even as it issues more shares to compensate employees and investors.

Facebook's results follow a series of misses in the tech sector.

Apple (AAPL) on Tuesday reported its first quarterly revenue decline since 2003, as the world's most valuable company sold fewer iPhones.