Facebook continues to drive home revenue thanks to mobile advertising, with the social media giant recording significant growth during the final quarter of 2016.
According to Facebook’s fourth-quarter results, advertising revenue was up a whopping 53 per cent to US$8.63 billion, with mobile advertising accounting for 84 per cent of all ad revenue – up 5 per cent on the previous corresponding period in 2015.
The massive boost in ad revenue drove Facebook’s total revenue for the last quarter of 2016 up 51 per cent to US$8.81 billion.
Facebook also released its full-year results for 2016, which showed a 57 per cent lift in ad revenue to US$26.89 billion, while total revenue grew 54 per cent to US$27.64 billion.
Facebook founder and CEO Mark Zuckerberg said in a statement that while business did well in 2016, the company has “a lot of work ahead”.
The results come after a new report found that social platforms such as Facebook generate most of their ad revenue from native advertising, and will continue to dominate overall native ad spending through 2021 – particularly native video ads.