Facebook reports profit and 1.79 billion monthly users

Out of all Facebook users, 1.66 billion access Facebook via smartphone or other mobile devices, which is about 20% more than the year before.

@LanaJelic
Published Thu, Nov 3 2016 6:26 PM CDT   |   Updated Tue, Nov 3 2020 11:57 AM CST

In the past quarter, Facebook generated revenue of $7 billion, 56% more than the year before. During the same period, their profit tripled, thanks to strong growth in advertising.

Facebook reports profit and 1.79 billion monthly users | TweakTown.com

According to a business report, Facebook's net profit reached $2.4 billion in Q3, which is 166% more than in the same quarter last year.

The advertising revenues, which make up most of Facebook revenues, rose 58% to $6.82 billion.

The biggest increase came from advertising on mobile devices, that now accounts for about 84% of total advertising revenue, while a year ago it stood at 78%.

Although Facebook's business results are better than analysts expected, the price of their shares sank about 7% this week, as a consequence of Facebook's decision to limit the number of ads shown on the social network.

Advertisers are redirecting money from television advertising to the web and mobile platforms, and Facebook is one of the companies that benefits the most. However, Facebook is faced with fierce competition from other digital platforms like Snapchat and YouTube, which also attract millions of visitors daily.

At the end of last quarter, Facebook had 1.79 billion monthly users worldwide, 16% or 243 million users more than the year before. By comparison, in the same period, Twitter had a total of 317 million monthly users.

Out of all Facebook users, 1.66 billion access Facebook via smartphone or other mobile devices, which is about 20% more than the year before.

"We had another good quarter," said Mark Zuckerberg, Facebook founder and CEO. "We're making progress putting video first across our apps and executing our 10 year technology roadmap."

NEWS SOURCE:investor.fb.com

Lana has a passion for technology and science. She spends her time looking for the latest and most interesting technology and science news. Her passion is in gadgets, wearables, and other cool and interesting applications of technology or science. She also spends her free time gaming in MMOs like World of Warcraft. She has prior experience covering technology for publications and breaking news. If she’s not doing either, you might just find her exploring the metaverse in VR. Lana wants to expand TweakTown’s coverage of mobile, wearables and gadgets while also bringing her experience with science and general tech to TweakTown. Her area of coverage is around science, technology, smartphones, wearables, and general neat gadgets. She hopes to one day be able to drive around in her self-driving car while she schedules an appointment for a SpaceX trip to the moon on her smartwatch.

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