Facebook on the wane? Don't you believe it as shares soar following Q3 results
Despite reports to the contrary, all seems rosy in the Facebook garden after the social networking giant posted its Q3 financial results, which in turn saw its shares rise by 9.8 per cent on Wall Street.
Revenue for the company is now at $1.26 billion, a rise of seven per cent over the last quarter and an impressive 32 per cent increase from this time last year.
While $1.09 billion of this revue came from advertising, it’s the role that mobile devices played in reaching this figure that has most pleased Facebook CEO Mark Zuckerberg. With more than 600 million people now logging on to Facebook from their mobile devices, 14 per cent of the total ad revenue earned came from this demographic.
As Tech Crunch reports, this equates to over $150 million ad revenue from mobile devices alone.
“People who use our mobile products are more engaged, and we believe we can increase engagement even further as we continue to introduce new products and improve our platform,” said Zuckerberg.
“At the same time, we are deeply integrating monetisation into our product teams in order to build a stronger, more valuable company."
Facebook reported this month that it now had more than one billion active users every month.
The rise in shares following the posting of its latest financial results marks a change in fortunes for Facebook, which after revealing its Q2 results in July saw shares fall 11 per cent after trading.
Judging by these latest figures, however, there’s life in this beast yet.