Facebook Inc on Wednesday reported a profit of $2.37 billion (approximately Rs 15,801 crore) on third-quarter earnings of $7.01 billion (approximately Rs 46,739 crore), Techcrunch reported. The company also reported $1.09 (approximately Rs 72.68) in earnings-per-share along with a rise in daily active users to 1.18 billion from 1.13 billion the previous quarter, according to the report.
Mobile now comprises 84% of the social media company’s advertising revenue, up from 78% during the same period last quarter. This makes it the world’s second-biggest ad publisher behind Google, according to an estimate reported by CNBC. The United States election was reported as one of the main drivers for gains in the quarter, according to The Guardian. Facebook Chief Executive Officer Mark Zuckerberg said the company was proud of having played a role in “increasing civic engagement”.
However, Chief Financial Officer David Wehner said revenue growth rates will decline as the company continues to report strong quarters. Wehner said the firm will also continue to hire “top engineering talent” as one of its “key investment priorities”. “In addition, we expect to grow capital expenditures substantially,” he said. The firm now also has $26.14 billion (approximately Rs 1.74 lakh crore) in cash, securities and similar assets.
In the quarter, Facebook beat analyst estimates of $6.92 billion (approximately Rs 46,139 thousand crore) in earnings with an earnings-per-share of $0.97 (approximately Rs 64.67). The company has beat such estimates in every quarter except one since it held its initial public offering in May 2012.
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