Facebook posted its Q2 earning results and clearly it had some spectacular numbers to flaunt. Facebook hasn’t just exceeded Wall Street expectations, but is now being valued more than AT&T and even Coke. Word is that Facebook's CEO Mark Zuckerberg is wealthier than Google co-founders Larry Page and Sergey Brin.
A Bloomberg report states Zuckerberg has added $1.6 billion to his fortune as the social network closed earlier this week. This means, at the age of 30, his net worth is $33.3 billion, surpassing 40-year old Brin and 41-year old Page. Moreover, it also surpasses the net worth of Amazon's CEO Jeff Bezos, 50. Amazon has recently faced its biggest quarterly loss since 2012 as it is believed to have bitten off more than it can chew. On the Bloomberg Billionaires Index, Zuckerberg now takes the 16th position, followed by Google founders are 17th and 18th spots. taking about the rich and famous, Bill Gates remains the world’s richest person with a fortune of $84.7 billion, followed by Mexico's Carlos Slim at $78.8 billion.
Interestingly, Facebook's big numbers are driven by its mobile advertising business that has more than doubled. It should be noted that Facebook was accused of its inability to cash in on the mobile space all through last year. The latest earnings report reveals the mobile advertising revenue has grown 151 percent year-over-year and now 62 percent of the overall $2.91 billion revenue has come from advertising on mobile devices.
"The company’s performance also propelled the fortunes of other Facebook shareholders, including Dustin Moskovitz, the 30-year-old who started the social network with Zuckerberg at Harvard University a decade ago, and Sheryl Sandberg, Facebook’s 44-year-old chief operating officer who became one of the world’s youngest female billionaires in January. Sandberg owns about 9.9 million shares valued at $740 million and has collected more than $550 million in share sales," adds the report.
It should also be noted that it’s been only two years since the company decided to place ads on its mobile site as well as apps, and now into third-party apps. In such a short span of time, it would soon be fighting out for the mobile advertising space with Google. Though Google still tops the list of mobile advertisers, Facebook has seen a rise from 9 percent to 18 percent in just two years, which is tremendous growth for a company, which was accused of not knowing mobile. The company has begun working aggressively on mobile advertising strategies.
From Facebook Messenger to its mega-purchase of the popular WhatsApp at the start of the year, the company has been exploring the space beyond its core product. After a failed attempt at acquiring Snapchat, the company even went ahead and tried its hand, yet again, at building a Snapchat rip-off called Slingshot. Acquiring Oculus yet again marks Facebook’s enthusiasm to go beyond social and mobile.
Published Date: Jul 27, 2014 10:56 am | Updated Date: Jul 27, 2014 10:56 am