Facebook has announced its Q3 2016 earnings results, revealing an impressive quarter that saw above-expected jumps in users and revenue.
The company pulled in $7.01 billion USD in revenue, outdoing the $6.92 billion average from market analysts originally reported by Business Insider. Meanwhile, the social network’s monthly active users increased by 80 million to hit 1.79 billion, improving on the 1.76 billion analyst’s estimate and daily active users are now at 1.18 billion, in comparison to 1.16 billion expected.
The company also now boasts over one billion daily users on mobile for the first time, an increase of 22 percent year-over-year. In accordance with that improvement, Facebook’s mobile ad business brought in $5.7 billion — 84 percent of its total ad revenue. In its 2015 Q3 earnings, the company reported mobile ad revenue comprised 78 percent of its total revenue, meaning a year-over-year increase of six percent.
“We had another good quarter,” said Mark Zuckerberg, Facebook’s founder and CEO, in a release. “We’re making progress putting video first across our apps and executing our 10 year technology roadmap.”
Facebook’s chief financial officer David Wehner cautioned that revenue growth could decline in the fourth quarter, however, due to a “meaningfully” lessened ad load.
“We expect revenue growth rates will decline as we lap strong quarters,” said Wehner during the earnings call.
[source]Facebook[/source]
