Facebook smash financial predictions
Facebook’s shares soared to a record high after its latest financial results smashed expectations and tripled last year’s profits.
The first quarter results beat analysts’ forecasts and reported net profits of $1.5bn compared to just over $500m in the same period last year.
Total revenue rose to $5.4bn from $3.5bn while Facebook’s daily active users hit 1.1 billion on average in March – up 16% – with those using mobile devices reached a record high of 989 million.
Mark Zuckerberg said “We had a great start to the year. “We’re focused on our 10-year roadmap to give everyone in the world the power to share anything they want with anyone.”
Facebook said that it was also making much more from mobile ad revenues.
Facebook Advertising has taken time to become a profitable part of Facebook’s business but they seem to have cracked it. With their mobile usage is nearing the 1 billion mark it is really becoming one of the most effective and targeted way of hitting people on the move.
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