Facebook nearly triples third quarter profit to $2.38 billion benefiting from U.S. elections and growth in mobile ads

Briefing

Facebook nearly triples third quarter profit to $2.38 billion benefiting from U.S. elections and growth in mobile ads

November 14, 2016

Briefing

  • Net income almost tripled – Reported $2.38 billion net income in 2016Q3 from $896 million last year, an increase of 266%
  • Income growth drivers – Include U.S. election and continued growth in online advertising revenue, particularly mobile
  • Strong growth in ad revenue – Online ad revenue grew by 59% year-on-year, with mobile ad revenue increasing by 78% year-on-year reaching $5.7 billion for the period
  • Decline of traditional publishing – Major publishers including Daily Mail, The Guardian, The New York Times and The Wall Street Journal announced declines in advertising revenues as well as layoffs

Accelerator

Sector

Information Technology, Media and Entertainment

Organization

Facebook Inc.

Source

Original Publication Date

November 2, 2016

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