Facebook quarterly profit soars, lifted by mobile ads
San Francisco (AFP) – Facebook on Wednesday reported its profit more than doubled in the recently ended quarter, lifted by strong growth in mobile ad revenues.
The leading online social network said that profit leapt 166 percent to $2.4 billion on revenue that rose to $7 billion from $4.5 billion during the same period a year earlier.
Facebook’s third quarter earnings results “displayed strong top-line momentum and improved profitability,” Baird Equity Research said in a note to investors.
Facebook shares ended the official trading day down 1.8 percent but rose slightly to $127.26 in after-market trades that followed release of the earnings.
The social network had an average of 1.79 billion monthly users as of the end of September in a 16 percent jump from a year earlier, according to the earnings report.
The number of people accessing Facebook from mobile devices monthly climbed 20 percent to 1.66 million.
Revenue from mobile advertising accounted for about 84 percent of the ad money taken in by Facebook during the quarter, up from 78 percent during the same three-month period last year, according to the social network.