BREAKING NEWS

Facebook reports 55.8 percent rise in revenue

By REUTERS

NOVEMBER 2, 2016 22:15

Facebook Inc reported a 55.8 percent rise in quarterly revenue on Wednesday as its mobile-advertising sales soared.

Mobile ad revenue accounted for 84 percent of Facebook's total advertising revenue of $6.82 billion in the third quarter ended Sept. 30, compared with 78 percent a year earlier.

Analysts on average had expected total ad revenue of $6.71 billion, according to research firm FactSet StreetAccount.

More than 90 percent of Facebook's users access the social network through mobile devices.

Total revenue rose to $7.01 billion from $4.50 billion, compared with the average estimate of $6.92 billion, according to Thomson Reuters I/B/E/S.

Net income attributable to Facebook shareholders jumped to $2.37 billion, or 82 cents per share, in the quarter from $891 million, or 31 cents per share, in the third quarter of 2015.

Excluding items, the company earned $1.09 per share.

Facebook is expected to generate about $22 billion in mobile ad revenue in 2016, according to research firm eMarketer, up about 67 percent from 2015. Total ad revenue is forecast to rise to about $26 billion, an increase of about 52 percent.

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