Image Credit: VentureBeatFacebook today reported its first quarter earnings for 2014, with earnings per share (EPS) of $0.34 on revenue of 2.50 billion. Analysts had expected EPS of $0.24 on revenue of 2.36 billion. Facebook’s ad revenue hit $2.27 billion this quarter, up 82% year over year. Facebook’s Q1 Paper, a standalone mobile news app, launched Facebook’s transparency report was released Facebook bought WhatsApp for $19B Facebook tweaked news feed algorithms It bought virtual reality startup Oculus The connectivity lab launched Facebook nearby friends feature debuts Facebook’s Q1 amounts to one of the social networking company’s loudest quarters ever.