Innovation is a lot like love, everyone knows when it happens, but nobody really knows what it is - Dean 'Mr Segway' Kamen
SOCIAL NETWORK Facebook reported that its profits almost tripled in the first quarter on Wednesday, and boasted that its mobile user base passed the one billion milestone.
During its earnings call on Wednesday, Facebook reported that first quarter revenues rose 72 percent year on year from $1.45bn to $2.5bn. This figure easily beat analyst predictions, which averaged $2.36bn, and saw the firm book a profit of $642m for the quarter - almost triple year-on-year.
Facebook founder and CEO Mark Zuckerberg said, "Facebook's business is strong and growing, and this quarter was a great start to 2014.
"We've made some long-term bets on the future while staying focused on executing and improving our core products and business. We're in great position to continue making progress towards our mission."
Perhaps more impressive than its bumper financial results is its number of active users. Facebook revealed that it now has 1.28 billion monthly active users, or almost half the world's internet population, up from 1.23 billion in the fourth quarter of 2013. It boasted that a billion of these now use their mobile phones to access the social network.
In January, Facebook said it had 945 million monthly mobile active users during the fourth quarter of 2013, and that was also a large increase from 680 million in the same quarter the prior year.
This growth in mobile users drove a corresponding increase in mobile revenues, with Facebook making 59 percent of its advertising revenue during the quarter on mobile, compared to 30 percent in the first quarter of 2013.
The firm's mobile revenues are likely to grow further, with Zuckerberg saying that the company has yet to make money from its $19bn Whatsapp buyout earlier this quarter.
However, Zuckerberg said that the firm has no plans to get drop the messaging app, saying "Whatsapp and messenger are growing independently because they have different use cases." He added, "One day, Whatsapp could be as ubiquitous as Facebook." µ
Tags: Social Media
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