Facebook revenues soar as monthly users approach 1.9bn
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The technology giant, which also owns virtual reality firm Oculus as well as Instagram, WhatsApp and Edinburgh-based audio start-up Two Big Ears, revealed its revenue had risen 54 per cent in the last year to $27.6 billion (£21.8bn), while net income almost trebled from $3.7bn to $10.2bn.
Mobile users – a key part of the Facebook business because of the rise of smartphones and tablets – also increased in both monthly and daily terms with 1.15 billion mobile users logging on to the site every day and 1.74 billion each month.
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Hide AdFacebook chief executive Mark Zuckerberg said: “Our mission to connect the world is more important now than ever. Our business did well in 2016, but we have a lot of work ahead to help bring people together.”
The social network has been criticised in recent weeks over the rise of so-called “fake news”, and whether the site is doing enough to combat the spread of false stories on the platform.