Facebook doubles Wall Street estimates
Mobile growth and advertising drives big quarter for popular social networking company
Facebook effortlessly exceeded investor expectations with a 52% increase in its fourth quarter of 2015. This hike meant net profit rose from $701m to $1.56bn.
The social media giant reported its success came from mobile advertising targeted at the increase of mobile users, and saw advertising revenue increase from 69% last year to 80% in the fourth quarter. It brought in $5.84bn in revenue, despite Wall Street predictions calling for $5.67bn in revenue.
Overall, Facebook recorded 1.59bn users in December 2015 which was up by 14%, however it was the site's mobile growth that spiked with 1.44bn users activating the service on their mobile, showing a 21% increase from 2014.
"2015 was a great year for Facebook. Our community continued to grow and our business is thriving," Facebook founder and CEO Mark Zuckerberg said in a statement. "We continue to invest in better serving our community, building our business and connecting the world."
Zuckerberg also revealed: "Our strategy is working, and we have many more opportunities ahead," he said. "We're going to continue investing to deliver great results over the long term."
Facebook plans to expand its WhatsApp messaging platform to lets users communicate with businesses.