Sunday 26 January 2020

Facebook reports huge leap in profits

Mark Zuckerberg, Facebook's co-founder and chief executive
Mark Zuckerberg, Facebook's co-founder and chief executive

FACEBOOK tonight reported first-quarter revenue of $1.46bn - up 38% on the $1.06bn for the same period last year.

An average of 665 million people used the social media platform every day in March, it said, an increase of 26% on the same time last year.

It also announced that the number of active users accessing it via mobile devices - smartphones and tablets - had risen 54% year on year to 751 million per month, out of a total of 1.11 billion per month.

Facebook founder and chief executive Mark Zuckerberg said: "We've made a lot of progress in the first few months of the year.

"We have seen strong growth and engagement across our community and launched several exciting products."

He announced that Instagram, the photo-sharing and editing platform Facebook paid one billion US dollars for last year, now has 100 million users.

Facebook said it made $1.25bn dollars of revenue from advertising, which was 85% of its total revenue and a 43% increase from the same quarter last year.

Mobile ad cash made up 30% of advertising revenue for the first quarter of 2013, it added.

PA Media

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