Facebook Revenues Soar As Its Nears 2 Billion Users

According to the company's earnings report from the fourth quarter of 2016, Facebook now boasts almost two billion active users-and plenty of profit to go along with it.

At the end of 2016, Facebook reported a record 1.86 billion users active each month on the social network, a 17% increase on previous year.

In its most recent quarter, Facebook's total revenue spiked by 51 percent year-over-year to hit $8.81 billion - the great majority of which ($8.6 billion) came from advertising.

"Our mission to connect the world is more important now than ever", Zuckerberg said in a statement.

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"Our business did well in 2016, but we have a lot of work ahead to help bring people together", he said.

In December, Facebook saw an average of 1.23 billion daily active users (DAUs) - an increase of 18% year-over-year.

Investors will also be pleased to learn that Facebook's monthly average users accelerated 17 per cent on an annual basis to 1.86 billion, marking the fastest pace of growth since the third quarter of 2013.

While Facebook continues to rake in money from mobile advertising, the company is sowing the seeds for other ways to generate revenue - in video, virtual reality and messaging.

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Adjusted earnings for the quarter rose to $4.15 billion or $1.41 per share from $2.27 billion or $0.79 per share a year ago. Facebook Inc.is headquartered in Menlo Park, California.

Despite the impressive earnings, Facebook experienced its share of turbulence, during the fourth quarter.

Facebook's growth was aided by both, increasing monthly active users, as well as revenue per user. Excluding certain expenses, the company earned $4.15 billion or $1.41 per share, exceeding analysts' forecast of $1.31 per share.

Facebook's shares were up 2.7 percent at $136.78 after the bell on Wednesday. Facebook is a popular online social networking service. "They're just so big in terms of how much time people spend on the platform, and no advertisers' goals need go unmet if they're using Facebook".

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In related news, Facebook is also said to be developing a video app for TV set-top boxes, according to a report in the Wall Street Journal [paywall].


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