Facebook's financial results for the quarter ended March 31, 2016 were boosted by strong demand in advertising in live videos. "We had a great start to the year," said Mark Zuckerberg, Facebook founder and CEO. "We're focused on our 10 year roadmap to give everyone in the world the power to share anything they want with anyone."

Mobile ad revenue accounted for about 82 percent of total ad revenue in the first quarter ended March 31, compared with about 73 percent a year earlier.

Facebook said it had 1.65 billion monthly active users as of March 31, up from 1.44 billion a year earlier.

The company's net income attributable to common shareholders rose to $1.51 billion, or 52 cents per share, in the first quarter from $509 million, or 18 cents per share, a year earlier.

Excluding items, the company earned 77 cents per share.

Total revenue rose to $5.38 billion from $3.54 billion, with ad revenue increasing 56.8 percent to $5.20 billion.

Facebook also announced an amendment to its existing certificate of incorporation to create a new class of non-voting capital stock, known as the Class C capital stock. If the proposal is approved, Facebook intends to issue two shares of Class C capital stock as a one-time stock dividend in respect of each outstanding share of our Class A and Class B common stock. This proposal is designed to create a capital structure that will, among other things, allow Facebook to remain focused on Mr. Zuckerberg's long-term vision for the company and encourage Mr. Zuckerberg to remain in an active leadership role at Facebook. The adoption of the proposal is subject to the approval of our stockholders at our 2016 Annual Meeting of Stockholders to be held on June 20, 2016, and the record date for the payment of the Class C stock dividend would be set by the board of directors at a later date.