Facebook’s Quarterly Profit surges 33.8%

Facebook’s Quarterly Profit surges 33.8%

Quarterly profit of Facebook jumped 33.8% from last year to $696 million, reported Facebook on Wednesday. Facebook has cited significant growth in ad revenue and membership at the leading social network as the major reason behind the surge in its quarterly profit.

Rise in the number of active monthly users burgeoned 13% to 1.39 billion, resulting the revenue to hit $3.85 billion in the final quarter of last year, said the California-based Internet titan. Facebook co-founder and chief executive Mark Zuckerberg said they really achieved a feat in 2014 and the pace of growth in their community is only increasing.

The progress towards connecting the world has transcended all the boundaries and beat analyst forecasts, said Zuckerberg.

The trend of using smartphones or tablet computers helped Facebook lift is profit through a strong showing in ads. In the first quarter, Facebook collected more than $3 billion overall from ads. The intriguing factor is about two- thirds of that revenue came from mobile advertising revenue, jumping 69% from the same period a year earlier.

As per reports of the social networking giant, December 2014 saw 745 million Facebook members using mobile devices on daily basis to visit the social network.

Instagram, Messenger and WhatsApp - properties of Facebook - recently recorded 300 million, 500 million, and 700 million monthly active users respectively.

"Facebook is going after some very big opportunities and if they want to compete with the likes of Google and Amazon and Apple they're going to have to spend for growth", said Neil Doshi, an analyst at CRT Capital Group.

Slowing growth at Facebook Inc.'s main social-networking service has prompted the company to spend faster to chase opportunities in messaging and mobile advertising. The company is looking forward to seek a jump of 55% to 70% in spending in 2015.


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