Friday, July 29th, 2016

Facebook nets $2.05 billion profit in second quarter: Mark Zuckerberg

Narada Desk | July 29, 2016 4:55 am Print
Social media giant Facebook's second quarter profit reached $2.05 billion, said CEO Mark Zuckerberg. It added 60 million new users also.
Facebook has more users.

Global information giant Facebook has 60 million new users, who use it, during the second quarter of this year. Currently, Facebook has reached 1.71 billion users and netted $6.44 billion in revenue.

The company’s balance sheet had crossed its own earlier earlier estimates, added officials.

Facebook’s social network operation now gotten a whopping $2.05 billion profit. Last year it was just $719 million, said Facebook.

“Our community and business had another good quarter. We’re particularly pleased with our progress in video as we move towards a world where video is at the heart of all our services,” Mark Zuckerberg, Facebook founder and CEO, said in a statement issued on Thursday.

Facebook now sees two billion searches per day, up from 1.5 billion a year ago. Wall Street market surged with a 7.5 percent on Thursday, riding on positive cues following the news. Facebook’s shares also jumped to reach $132 per share for the day.

While daily active users (DAUs) were 1.13 billion on average for June, an increase of 17 percent year-over-year, mobile DAUs were 1.03 billion on average for the same month – an increase of 22 percent year-over-year.

Monthly active users were 1.71 billion – an increase of 15 percent year-over-year and mobile MAUs were 1.57 billion – an increase of 20 percent year-over-year. This is Facebook’s 16th beat out of 17 quarters since it went public at $38 per share, Tech Crunch reported.

According to Zuckerberg, people searching for what others are saying about certain topics is driving that growth, which highlights Facebook’s on-going quest to win public chatter.

However, Facebook doesn’t plan to rush to monetize search. Advertising on mobile devices accounted for 84 per cent of Facebook’s $6.2 billion in advertising sales, Wall Street Journal reported.

Revenue generated from mobile ads jumped 80 per cent in the second quarter, faster than Facebook’s overall 59 per cent advertising growth rate,” it added. The average revenue per user is now $3.82, up 15 per cent from last quarter.

One billion people are now using Facebook Messenger every month. Messenger is now the second-most popular iOS app of all time, behind Facebook. Facebook-owned Instagram has now reached 500 million users.

(IANS)

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