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Facebook's third quarter results beats expectations, pulls in $1.62 billion in revenue

Facebook's third quarter revenue sits at $1.62 billion, beats analysts expectations

By Anthony Garreffa | Oct 24, 2012 05:29 am CDT

Social networking site Facebook may now boast over 1 billion monthly active users, but what do those users actually give the social network in terms of profits? Well, the social network has beaten analyst expectations in their second earnings report after going public.

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Analysts polled by Thomson Reuters expected Facebook to earn $0.11 per share on sales of $1.23 billion, but the social network reported third quarter earnings of $0.12 per share on revenues of $1.62 billion, and increase of 32% from their $954 million in the same quarter of 2011. Advertising remains the king of Facebook, as their main source of income, bringing in 86% of total revenue. Mark Zuckerberg, CEO and Facebook founder said:

As proud as I am that a billion people use Facebook each month, I'm also really happy that over 600 million people now share and connect on Facebook every month using mobile devices. People who use our mobile products are more engaged, and we believe we can increase engagement even further as we continue to introduce new products and improve our platform. At the same time, we are deeply integrating monetization into our product teams in order to build a stronger, more valuable company.

Anthony Garreffa

ABOUT THE AUTHOR - Anthony Garreffa

Anthony is a long time PC enthusiast with a passion of hate for games to be built around consoles. With FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with high-end, custom-built PCs. His addiction to GPU technology is unwavering, and with next-gen NVIDIA GPUs about to launch alongside 4K 144Hz HDR G-Sync gaming monitors and BFGDs (65-inch 4K 120Hz HDR G-Sync TVs) there has never been a time to be more excited about technology.

NEWS SOURCE:bgr.com

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