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Facebook quarterly profit soars, lifted by mobile ads

Thursday, November 3, 2016 - 06:11

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Facebook on Wednesday reported its profit more than doubled in the recently ended quarter, lifted by strong growth in mobile ad revenues.

[SAN FRANCISCO] Facebook on Wednesday reported its profit more than doubled in the recently ended quarter, lifted by strong growth in mobile ad revenues.

The leading online social network said that profit leapt 166 per cent to US$2.4 billion on revenue that rose to US$7 billion from US$4.5 billion during the same period a year earlier.

Facebook's third quarter earnings results "displayed strong top-line momentum and improved profitability," Baird Equity Research said in a note to investors.

Facebook shares ended the official trading day down 1.8 per cent but rose slightly to US$127.26 in after-market trades that followed release of the earnings.

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The social network had an average of 1.79 billion monthly users as of the end of September in a 16 per cent jump from a year earlier, according to the earnings report.

The number of people accessing Facebook from mobile devices monthly climbed 20 per cent to 1.66 million.

Revenue from mobile advertising accounted for about 84 per cent of the ad money taken in by Facebook during the quarter, up from 78 per cent during the same three-month period last year, according to the social network.

AFP

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