Facebook hits 1.71 billion users; profit and shares soar

By: | Published: July 29, 2016 6:02 PM

Facebook had a good quarter, as the number of active monthly users have hit 1.71 billion for the website, which is an increase of 15% over last year.

facebook, facebook search, facebook users, facebook profits, facebook stocks, facebook shares, mark zuckerbergIn the company’s statement, Mark Zuckerberg, Facebook founder and CEO said, “Our community and business had another good quarter. We’re particularly pleased with our progress in video as we move towards a world where video is at the heart of all our services.” (Reuters)

Facebook had a good quarter, as the number of active monthly users have hit 1.71 billion for the website, which is an increase of 15% over last year. In the company’s statement, Mark Zuckerberg, Facebook founder and CEO said, “Our community and business had another good quarter. We’re particularly pleased with our progress in video as we move towards a world where video is at the heart of all our services.” The share prices have also soared with good revenue growth. There are 60 million new monthly users in this quarter and has recieved a revenue of $6.44 billion. ‘We are grateful for all the people who are sending billions of messages every day and we hope to send 1 billion thank yous in the form of a new floating balloon gift that everyone can use to celebrate,’ Facebook’s spokesperson said.

Monthly users for mobile reached 1.57 billion which is a 20% increase over last year. This gets the Facebook Messenger among the 3 most popular apps in the world, after Facebook and WhatsApp. Mark Zuckerberg owns all three. Facebook said the Messenger is the second most popular iOS app. Messenger was separated from Facebook in 2014. Last year while the profit was $719 billion but this year it was more than double, recording at $2.05 billion. There was a 7.5 percent surge in Facebook’s shares clocking at $132 a share. The advertising sales have earned Facebook $6.2 billion out of which advertising on smartphones and tabs itself accounted for 84%, Wall Street Journal reported.

The number of searches on Facebook has also increased by 500 million since 2015, reaching 2 billion mark. Overall there was a steady growth at 3.63 percent which was at 3.77 percent in the last quarter.

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