We're not in a hole. A lot of companies would like to be in our hole - Scott 'touch'n'feely' McNealy
SOCIAL NETWORK Facebook surprised analysts with good fourth quarter financial results on Wednesday, announcing that revenue increased 63 percent year on year due to the growth of its mobile user base.
Wall Street had expected Facebook to report fourth quarter revenues of $2.33bn, but Facebook beat analyst estimates by posting revenue of $2.59bn for the quarter, an increase of 63 percent from the $1.59bn it posted in the fourth quarter of 2012.
The social network also announced that annual revenue for 2013 was $7.87bn, an increase of 55 percent year on year.
Facebook CEO Mark Zuckerberg said, "It was a great end to the year for Facebook. We're looking forward to our next decade and to helping connect the rest of the world."
Facebook's growing cash pile is mainly due to its increasing presence in the mobile market, with the firm revealing that 53 percent of its quarterly advertising revenues came from mobile ads, compared to 23 percent in the fourth quarter 2012.
This was down to its growing mobile user base, which now totals 945 million, a rise of 39 percent compared to this time last year. There were 556 million daily active mobile users on average during December 2013, an increase of 49 percent year over year.
Zuckerberg boasted that the social network now has 1.23 billion active users in total, an increase of 16 percent year on year.
Facebook hopes to continue to grow its mobile presence, with rumours claiming that the firm is working on a new Flipboard style aggregation app for mobile devices that reportedly will make its debut on iOS and Android tablets later this year. µ
Tags: Social Media