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Facebook ad revenues hit $10bn for first time

Facebook's shares have jumped in after-hours trading after it reported a 49% jump in quarterly ..

By admin , in Money , at November 1, 2017

Facebook's shares have jumped in after-hours trading after it reported a 49% jump in quarterly advertising revenue to levels above $10bn for the first time.

The US-listed social network's results for the three months to September smashed market forecasts on several fronts as it continues to fight battles on paid political adverts and the safety of users.

It reported revenue of $10.3bn – of which $10.1bn was from advertising. It said mobile advertising – a source of concern among investors in yesteryear – made up 88% of ad revenues.

Profits jumped 79% to $4.7bn while the closely-watched user figures also cheered investors with monthly active users rising 16% on the same period last year to 2.07bn.

Shares were up almost 3% in after-hours trading on the Nasdaq – hitting new heights above £185 per share.

Chief executive Mark Zuckerberg said: "Our community continues to grow and our business is doing well.

"But none of that matters if our services are used in ways that don't bring people closer together.

"We're serious about preventing abuse on our platforms. We're investing so much in security that it will impact our profitability.

"Protecting our community is more important than maximizing our profits."

Although he did not reference a storm in the US over alleged Russian meddling in the US election via Facebook, his comments were seen as further evidence of a commitment to learning lessons.

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