Facebook shares dipped from a record high last night after the world's biggest online social network warned investors once again that its advertising revenue growth would likely come down from current high levels. 

The warning appeared to outweigh Facebook's surging quarterly profit and revenue, fueled by growth in its mobile ad business.

This growth is still not showing much sign of slowing down as the company nears the five-year anniversary of its initial public offering.

Facebook's chief executive Mark Zuckerberg said in a statement it was a "good start to 2017." 

The company's chief financial officer David Wehner said on a conference call after the earnings announcement that the company expects its ad revenue growth to come down significantly over the rest of 2017.

He repeated prior company warnings that it is hitting a limit in "ad load," or the number of ads it can squeeze onto users' pages before upsetting them. 

Facebook said its quarterly profit rose 76.6% year-over year to $3.06 billion and total revenue jumped 49% to $8.03 billion. 
         
The social media giant is expected to generate $31.94 billion in mobile ad revenue globally in 2017, up 42.1%from a year earlier, according to research firm eMarketer. 

That would give Facebook a 22.6% share of the worldwide mobile ad market, with arch rival Google of Alphabet Inc projected to be the leader with a 35.1% share, according to eMarketer. 

Facebook continued its march toward the 2 billion user threshold, saying it had some 1.94 billion people using its service monthly as of March 31. That was up 17% from a year earlier. 

Analysts on average had expected monthly active users of 1.91 billion, according to financial data and analytics firm FactSet. 

Net income attributable to Facebook shareholders rose to $3.06 billion, or $1.04 per share, in the first quarter from $1.73 billion, or 60 cents per share, a year earlier. 

Mobile ad revenue accounted for about 85% of the company's total advertising revenue of $7.86 billion in the first quarter ended March 31, compared with about 82% a year earlier. 

Analysts on average had expected total ad revenue of $7.68 billion, according to FactSet.