So far, Facebook’s net profits have doubled this quarter (Q3) when compared to last quarter (Q2). Facebook’s net profit this quarter is US $3.7 billion and it made revenue of US $8.6 billion. Last quarter, its net profit was US $1.6 billion and it made revenue of US $5.6 billion. The number of people using Facebook also increased by 17% this quarter to 1.86 billion users when compared to the last quarter (Q2). The number of people accessing Facebook through its mobile app increased by 21% this quarter to 1.74 billion users when compared to the last quarter (Q2). The revenue Facebook got from mobile ads this quarter contributed to 84% of the revenue generated through advertisements. Read more on Mark Zuckerberg
“We believe concerns over user engagement and other social competitors are likely overblown, as few companies share Facebook’s combination of scale, strong technology orientation and platform breath/diversity”, Baird research analyst, Colin Sebastian said in a note to investors.
Facebook has seen a strong growth in Asia this quarter, with India being a hot market. Facebook however, still hopes to make an entry in China where the social media is banned.
“Our mission is to connect everyone in the world and it’s hard to do that over the long term if we don’t find a way to serve the more than billion people who live in China. But one of the big things that we need to think about here is of course we’re only going to do this in a way that we’re comfortable with over the long term”, Zuckerberg said.
Facebook’s CFO, David Wehner said that Facebook plans to ‘invest aggressively’ on startups with all the extra profit that it got, this quarter. “Our business did well in 2016, but we have a lot of work ahead to help bring people together. Our mission to connect the world is more important now than ever”, said Facebook co-founder and CEO, Mark Zuckerberg. Read more on Startup News