Who says that Facebook is losing its popularity? While some young people may have stayed away from the world's most popular social media site, Facebook continues to dominate with monthly active users now reaching 1.11 billion.

Facebook also reported first quarter earnings of $219 million or nine cents a share on a revenue of $1.458 billion, which was lower than The Wall Street Journal's expectation of 13 cents per share on revenue of $1.44 billion.

The growth in monthly active users is 23 per cent annually, despite reports that a growing number of young people are opening their Facebook accounts less frequently and opting for other social media site.

For the same quarter, mobile monthly active user base expanded 54 per cent to 751 million.

Facebook also continue to enjoy higher advertising revenue in Q1 of $1.25 billion which is an 85 per cent improvement in total revenue and 43 per cent boost compared to the same quarter in 2012.

Q1 was also the quarter when Facebook launched the Home for Android. For the same quarter, Facebook acquired Atlas and rolled out the Graph Search and the new News Feed.

Shares of Facebook closed on Wednesday at $27.43.

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