CFO David Ebersman also said he would step down from the company on June 1st, to be succeeded by David Wehner, former CFO of Zynga.
The company reported earnings of 34 cents per share ex-items, on revenue of $2.5 billion. Analysts had expected the company to report earnings excluding items of 24 cents a share on $2.36 billion in revenue, according to a consensus estimate from Thomson Reuters.
Re/code reported that CFO Ebersman would likely return to the healthcare space, where he was before coming to Facebook.
"Any time you see a CFO, a fairly major person in terms of a company and obviously one that's only been public a couple of years now, change up and now have a necessarily designated successor already in place, it does raise questions as to what's actually going on with the numbers," David Garrity, principal at GVA Research, told "Closing Bell"
The company's stock was up almost 2 percent in after hours trading, after first dropping as earnings were reported.
With its stock trading at 85 times current and 48 times next year's earnings, Facebook "needed to do better than this," said Tim Seymour, chief investment officer at Triogem Asset Management, on CNBC's Closing Bell.
Still, signs of growth in mobile ads is a positive sign, he said.
"It was 23 percent as a percentage of revenues a year ago. At this point, with that kind of a move, people should feel like this is a company that continues to grow," he said.
Credit Suisse recently upgraded Facebook to "outperform" from "neutral" and raised its price target to $87 from $65, preceding a rally in social media stocks.
The company plans to enter the mobile payments market and has already been authorized as an e-money dealer by Ireland's central bank, according to a story originally reported by the Financial Times . The company seems to be positioning itself across Europe as a facilitator of remittances for immigrants and expatriates.
The social network began its acquisition of virtual reality gear maker Oculus at the end of March for $2 billion, and U.S. antitrust regulators approved the deal on Wednesday. On a conference call in February, Facebook CEO Mark Zuckerberg called Oculus one of those "incredibly rare companies" and noted that such deals are unlikely in the future.
This story has been updated to reflect David Wehner's correct title at his previous employer.