Facebook, which counted more than one billion daily active users in September, continues to scoop up share in the advertising market.
Third-quarter advertising sales at the social media giant shot up 45 percent to $4.3 billion, helping the company boost profits despite a 68 percent increase in costs and expenses.
But like other tech companies — think of Amazon and its laundry list of new features each quarter — Facebook is too antsy to sit still and is ramping up in virtual reality, spreading Internet access and building its already sizable video business.
“On average there are now more than eight billion daily video views on Facebook and more than 500 million people who are watching daily,” said Mark Zuckerberg, chairman and chief executive officer, on a conference call with Wall Street on Wednesday. “Over the next few years, video is going to be some of the most engaging content online. By continuing to innovate, we have a chance to build the best place to watch and share video.”
Chief operating officer Sheryl Sandberg added that, “Video on Facebook gives marketers not just mass reach, but better cross-device targeting and measurement than we believe is available on any other platform.”
Facebook has 2.5 million active advertisers overall. And their ad dollars are flowing not just onto the Web, but onto mobile devices. Mobile advertising revenues shot up 73 percent for Facebook in the quarter, totaling $3.4 billion, or 78 percent of the tech company’s total advertising take.