Facebook, Inc. (NASDAQ: FB) reported its fourth-quarter financial results after the markets closed on Wednesday.
Facebook Inc's quarterly revenue surged 50.8 percent as the world's largest social network continues to benefit from its aggressive push into mobiles and video.
Facebook reported that there were 1.2bn daily users on average, up 18pc year-on-year. Facebook shares rose as much as 3.6 percent in extended trading, following the report. Facebook's continued growth leaves the company in almost an advertising duopoly with Google Inc. Mobile now makes up 84% of its ad revenue, the same as last quarter, accounting for $7.248 billion.
The social media company posted revenue of $8.81 billion in the period, which also beat Street forecasts.
As of Wednesday's close, Facebook Inc. shares had increased 16 percent since the beginning of the year, while the Standard & Poor's 500 index has increased nearly 2 percent. Our business did well in 2016, but we have a lot of work ahead to help bring people together.
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The number of daily active users rose 18% to 1.23 billion in December, while monthly active users rose 17% to 1.86 billion.
For instance, Facebook is working with comScore to test in-target reach for US audiences on desktop and mobile through comScore's validated Campaign Essentials product.
Adjusted earnings for the quarter rose to $4.15 billion or $1.41 per share from $2.27 billion or $0.79 per share previous year. Read the full earnings release here.
Cash and cash equivalents and marketable securities - Cash and cash equivalents and marketable securities were $29.45 billion at the end of the fourth quarter of 2016. The Company's products for users are free of charge and available on the Web, mobile Web, and mobile platforms, such as Android and iOS.