World’s largest Social Media Site Facebook Inc has reported a 128% growth in profits for the fourth quarter to $3.57 billion from $1.56 billion it reported in the same period a year earlier. The results were extremely above estimates of Wall Street analysts and shares rose by more than 2% to an all time high.
The company’s total revenue for the quarter soared by more than 51% to $8.81 billion compared to $5.84 billion a year ago.
The company also revealed that mobile advertising now accounts for 84 percent of its advertisement revenue, up from 80 percent from the previous year.
Facebook CEO, Mark Zuckerberg was quoted by major newsrooms saying that the company expects a major ramp-up in hiring and other spending during 2017 as it invests in video and other priorities.
According to Reuters, the video push will ultimately pose a threat not only to YouTube, but a
lso to next-generation television companies like Netflix.
The company announced that about 1.86 billion people were using its service monthly as of Dec. 31, representing a 17 percent growth from a year earlier.
Daily active users on mobile grew 23 percent to 1.15 billion with more than 90 percent of Facebook’s users access the network through mobile devices.