Home Business NewsBusiness Facebook sees profits skyrocket to £1.95bn

Facebook sees profits skyrocket to £1.95bn

4th Nov 16 10:15 am

How did they do it?

Facebook’s profits have soared by 166 per cent to $2.4bn (£1.95bn).

However, the social media giant, warned that revenue would slow which led to a seven percent decrease in shares yesterday.

The rise came due to mobile advertising which accounted for 84 per cent of its total ad revenue in its third quarter.

The company raked in a huge $7.01bn (5.74bn) in the three months leading up to 30 September.

Facebook has since revealed it has 1.79bn users.

Chief executive officer Mark Zuckerberg said in a statement: “We’re making progress putting video first across our apps and executing our 10-year technology roadmap.”

Another of Facebook’s firms Instagram has also seen an advertising growth. As of June the company had 500m users.

Many analysts believe the company’s other businesses such as WhatsApp and Facebook Messenger face tough competition.

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