Facebook reports its financial results for 2016 Q3
At its conference call on Wednesday, social network Facebook reported its earnings for the 2016 third quarter, posting a substantial growth in advertising revenue, powered by the company's mobile business.
According to the financial results posted by Facebook, the company's revenue in the 2016 third quarter recorded a 56 percent year-on-year increase to $7.01 billion. Nearly 84 percent of the company's advertising revenue in the reporting quarter was attributable to mobile, as compared to 78 percent in the same quarter last year.
Facebook's net income in the 2016 third quarter witnessed a staggering 166 percent year-on-year increase, with its earnings per share recording an equally impressive year-on-year increase of 165 percent. The operating margins for the company in the latest quarter stood at an enviable 45 percent.
The total number of Facebook's monthly active users in the 2016 third quarter increased by 16 percent to 1.79 billion, from 1.71 billion total monthly active user base reported by the company in the same quarter a year back.
Facebook also reported a 17 percent year-on-year increase -- to 1.18 billion -- in its daily active user base on average in September 2016.