Social media giant Facebook reported a nearly 50% jump in revenue in its first quarter on Wednesday, powered by gains in digital advertising. "We had a strong quarter as we helped people stay connected and businesses grow," said Mark Zuckerberg, the chief of Facebook.

The company recorded a 46% year-on-year rise in revenue from online ads to $25.4 billion. Facebook said that its profit almost doubled to $9.5 billion.

The social media giant said that its various services - Instagram, WhatsApp and Facebook Messenger - had 3.45 billion month users at the end of March.

Facebook warned that it expected to see some "headwinds" from regulation, along with privacy changes in Apple's latest operating system. Under the update, app makers will have to tell Apple what information they are tracking and seek permission to do so.

Apple's move has been criticized by Facebook - which had been trying to prevent the imposition of the update. However, Zuckerberg recently suggested that the new privacy controls could help Facebook in the long run as companies could directly sell their products on Facebook and Instagram if they can't collect enough personal data from Apple products.

Strong results from Apple

Meanwhile, Apple reported a more than double rise in profit in the first quarter, powered by a jump in smartphone sales such as the new iPhone 12 models. The company reported profit of $23.6 billion, while revenue rose by 54% to $89.6 billion.

Sales of the flagship iPhone rose by 66% to $47.9 billion. Apple's services division recorded a 27% rise in revenue to $16.9 billion.

This division includes the commissions that Apple collects from paid transactions on iPhone apps. These payments are now under scrutiny from regulators in different countries.

am/dj (AFP, Reuters, AP)