Facebook's stocks have increased in value. This comes after its user base increased to 1.65 billion.

Tech Crunch reported that the social networking giant is continuing its winning streak as it reached 1.65 billion monthly users. The company also surpassed estimates for its Q1 2016 earnings report with $5.38 billion in revenue and $0.77 earnings per share (EPS).

Facebook's share price increased for more than 8 percent moments after the earnings were announced. This led to the company surpassing $117 in after-hours trading.

"Revenue was up 52 percent year over year, and Facebook is still operating with strong efficiency, coining $1.5 billion in profit in Q1, up 195 percent year over year," the publication wrote. "Average revenue per user was up 32 percent YoY."

The social networking giant grew 3.77 percent. Facebook had 1.59 billion monthly users last quarter.

It also gained $5.841 billion in revenue after the Q4 holiday period. The publication noted that the figures were higher than Twitter's 5 million users this quarter.

Analysts believed that Facebook would have $5.25 billion in revenue and $0.62 EPS. The company was able to exceed the expectations.

According to Business Insider, Facebook had 1.09 billion on average for Mar. 2016. 66 percent of the website's monthly active users were daily active users this quarter. This was an increase from last year's 65 percent.

Meanwhile, Re/code noted that Facebook is proposing a new three-for-one stock split. This is in order to develop a new class of non-voting shares.

The company made the announcement in a filing on Wednesday. The proposal would give Facebook shareholders two additional, non-voting shares for each single share that they currently have.

This would allow Mark Zuckerberg to sell the new Class C non-voting shares without losing any voting control. The Facebook founder has a lot of Class B shares that equal to 10 votes compared to the Class A shares which carry only one.

It is still a proposal, though. However, it is highly likely that it would come to effect eventually.