Facebook has inched its revenue skyward beyond estimates after stepping up its mobile advertising efforts, much to the share markets’ delight.
The company behind everyone’s favourite social network reported third-quarter sales of US$4.5 billion, compared to a $4.37 billion analyst estimate, according to Bloomberg data.
The amount of social butterflies gracing the network with their presence jumped 14 per cent monthly to 1.55 billion, while Facebook also reported that 1.01 billion people logged in daily to update their friends and stalk each other.
But a big push came through Facebook’s photo-sharing app, Instagram, making its mark for the first time in the quarter, while boosting the number of video ads on its main app.
Facebook’s chief financial officer David Wehner said the company would keep the up spend on reality, as well as artificial intelligence and other innovations to prepare for the future.
“We are investing aggressively in the future,” he said in an interview according to Bloomberg. “We see great opportunities.”
Facebook continued to tell advertisers that it has the best products and tools to reach potential customers on mobiles, given its optimum tracking capabilities and the fact users sign in with their real identities.
Then in a double whammy, bringing Instagram into Facebook’s advertising system, the company claims it can expand its ad audience by more than 400 million users.
Facebook is expected to account for 17.4 per cent of global mobile-ad spending this year, and according to EMarketer, this represents a market expected to reach US$72.1 billion in 2015.