Facebook Inc (FB.O) reported a 76.6 percent surge in quarterly profit on Wednesday, fueled by robust growth in its mobile ad business.Mobile ad revenue accounted for 85 percent of the company's total advertising revenue of $7.86 billion in the first quarter ended March 31, compared with 82 percent a year earlier.
Analysts on average had expected total ad revenue of $7.68 billion, according to financial data and analytics firm FactSet. The social media giant is expected to generate $31.94 billion in mobile ad revenue globally in 2017, a 42.1 percent jump from a year earlier, according to research firm eMarketer.
Net income attributable to Facebook shareholders rose to $3.06 billion, or $1.04 per share, from $1.73 billion, or 60 cents per share, a year earlier.
Total revenue rose to $8.03 billion from $5.38 billion.Facebook is the last of the top five U.S. tech companies to report quarterly earnings. (Reporting by Rishika Sadam in Bengaluru; Editing by Sriraj Kalluvila)
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Published Date: May 04, 2017 02:16 AM | Updated Date: May 04, 2017 02:16 AM