Thursday, 27 July 2017

FACEBOOK Records Increase In Its Advertising Income

Social media giant, Facebook has surpassed its quarterly profit and revenue estimates as it recorded an increase in its advertising income. According to Reuters, Facebook has found more ways to attract advertisers to its mobile app including its centerpiece product, the Facebook News Feed, sending its shares to an all-time high.

The company’s stock was up 1.6 percent at $168.25 after the bell. Through Wednesday’s close, the share price had climbed nearly 44 percent this year.

Total revenue rose 44.8 percent to $9.32 billion, beating the average forecast of $9.20 billion among analysts tracked by Thomson Reuters.

”In mobile we’re continuing to see great strengths,” Facebook Chief Financial Officer David Wehner said in a phone interview.

”We’re seeing more and more ad dollars getting allocated to mobile, and we think that trend will continue,” he said.

Net income attributable to Facebook shareholders rose to $3.89 billion, or $1.32 per share, in the second quarter ended June 30 from $2.28 billion, or 78 cents per share, a year earlier.

Analysts on average had expected earnings of $1.13 per share, according to Thomson Reuters.

Mobile ad revenue accounted for 87 percent of the company’s total advertising revenue of $9.16 billion in the latest quarter, up from 84 percent a year earlier.

Facebook is expected to generate $36.29 billion in net digital ad revenue this year, a 35 percent jump from 2016, according to research firm eMarketer.

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