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Facebook posts profit jumps 177% as users continue to grow

Muneeb Ahmad Written by Muneeb Ahmad ·  1 min read >

Facebook has once again posted achieving record revenue, earning and the rise in user base as it continued to attract new users aboard it.

In an investor’s press release, Facebook announced that its earnings stood at $8.81 billion in revenue and $1.41 per share. The present user base of Facebook stood at 1.86 billion monthly users. During the said period, the profit it earned reached $3.568 billion at $1.21 a share.

The growth was definitely enormous. The revealed facts show that revenue went up from $5.84 billion of the last year’s same period, showing an up 51% Year over Year (YoY). Likewise, the profit was up 177% YoY as compared to the $2.379 billion from the same period last year.

It would be worth mentioning here, that the scored revenue has toppled the finance experts and analysts predictions. The analysts were estimating the adjusted earnings per share to stand at $1.3, the revenue to grow to $8.5 billion and the monthly active users at 1.84 billion.

“Our mission to connect the world is more important now than ever,” said, the Founder and CEO Facebook, Mark Zuckerberg. “Our business did well in 2016, but we have a lot of work ahead to help bring people together.”

As far as the user base is concerned, total monthly users grew by 17% YoY to 1.86 billion. The daily active users peaked 1.23 billion, that too showing a rise an 18% YoY. WhatsApp and Messenger also held more than a billion users a month, while the monthly user of Instagram stood at about 600 million.

The first quarter of the Financial Year 2016-17 is over. The tech giants have already started posting their earnings. As evident from the facts, the said quarter also happened to be a good one for the tech companies. Apple, who was on a declining streak for about three quarters, also rose up to record revenue this quarter.

Image — Wikimedia

Written by Muneeb Ahmad
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