Published On: Sun, Jan 31st, 2016

Facebook climbs to 1.6 billion users as profit doubles

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1Facebook quarterly profit more than doubled as its ranks swelled during the past year to a mammoth user base of nearly 1.6 billion, it said Wednesday.

“Our community continued to grow and our business is thriving,” said Facebook co-founder and chief executive Mark Zuckerberg in releasing quarterly results for the world’s biggest social network which comfortably exceeded expectations.

It reported a profit of $1.56bn in the final three months of 2015 as compared with making $701 million in the same period a year earlier.

Revenue in the quarter that ended on December 31 rose to $5.84bn from $3.85bn the prior year.

 

The reslts showed Facebook’s growing power in online advertising, especially on mobile devices. Mobile accounted for about 80% of the network’s ad revenue in the quarter.

Net profit for the full year climbed to $3.7bn from $2.9bn in 2014, while revenue jumped to $17.9bn from $12.5bn.

“2015 was a great year for Facebook,” Zuckerberg said.

“We continue to invest in better serving our community, building our business, and connecting the world.”

An average of 1.04 billion people used Facebook daily in December in a 17% rise from the same month the prior year.

The number of monthly active users in December was 1.59 billion, in a 14% climb from a year earlier, according to the social network.

Facebook shares soared more than 12% to $106 in after-market trades that followed release of the earnings figures.

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