- Facebook's cash and equivalents reached almost $44 billion in the first quarter.
- The company's online advertising business is immensely profitable and growing quickly.
Facebook is a cash machine.
No matter the deteriorating public sentiment or concern about the company's reliance on mobile ads, businesses are shelling out increasing amounts of money to get their brands in front of the social network's users.
Facebook said in its first-quarter earnings report on Wednesday that cash and equivalents rose to $44 billion in the period. That's more than double the amount the company held just two years ago, when its cash stockpile sat at $20.6 billion.
Facebook shares climbed in extended trading on Wednesday after earnings and revenue sailed past analysts' estimates. The company is proving that even with the Cambridge Analytica scandal and concerns over user privacy and the spread of fake news, businesses can't afford to pull dollars away from Facebook's 2.2 billion monthly active users.
Facebook said that 91 percent of its ad revenue in the quarter came from mobile, up from 85 percent a year ago. The more it shifts to mobile the more profitable it becomes, with the company's operating margin jumping to 46 percent from 41 percent in the same period last year.
"Our agency checks indicate there has not been any noticeable impact on FB ad spend following the Cambridge Analytica news," Aaron Kessler, an analyst at Raymond James, wrote in a note prior to the earnings report. He has a "strong buy" rating on the stock.