Business Technology

Wednesday 18 July 2018

Facebook revenue jumps 51.9pc as mobile ad sales surge

Facebook. Photo: PA
Facebook. Photo: PA

Facebook Inc reported a 51.9 percent rise in quarterly revenue as its increasingly popular mobile app and push into live video continued to attract new advertisers and encouraged existing ones to boost spending.

The company's net income attributable to common shareholders rose to $1.51 billion, or 52 cents per share, in the first quarter ended March 31 from $509 million, or 18 cents per share, a year earlier.

Total revenue rose to $5.38 billion from $3.54 billion, with ad revenue increasing 56.8 percent to $5.20 billion.

The company also said it planned to create a new class of non-voting capital stock, known as the Class C capital stock.

Facebook has been rolling out new features to ramp up mobile advertising, several of which encourage advertisers to experiment further with video and migrate to the platform from television advertising.

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