Mark Zuckerberg, founder and chief executive officer of Facebook Inc., has some audacious goals.
This story first appeared in the October 31, 2013 issue of WWD. Subscribe Today.
“For nearly 10 years, Facebook has been on a mission to connect the world,” he said Wednesday when the company reported third-quarter results. “…We’re prepared for the next phase of our company, as we work to bring the next five billion people online and into the knowledge economy.”
At least he has the numbers to back up that ambition.
Facebook’s quarterly revenues topped $2 billion for the first time in the third quarter, rising 60 percent and marking a better-than-expected showing for the social media giant.
Advertising revenue jumped 66 percent to $1.8 billion, with 49 percent of revenue coming from mobile advertising.
The firm’s net profits for the quarter totaled $425 million, or 17 cents a share, and compared with year-ago losses of $59 million, or 2 cents. Adjusted earnings per share of 25 cents came in 6 cents ahead of the 19 cents Wall Street anticipated.
The stock dipped modestly in after-market trading, falling 0.4 percent to $48.81 — above its initial public offering price of $38.
Facebook, along with Google Inc., continues to lead the mobile advertising market — eMarketer projected the two companies combined will be responsible for almost 70 percent of the market by yearend.
Monthly active users hit 1.19 billion, and mobile monthly active users increased almost 7 percent to 874 million since last quarter.
Mobile-only monthly active users — people who strictly use the app or access facebook.com via smartphone — clocked in at 254 million, a nearly 16 percent increase from last quarter.
Facebook operating chief Sheryl Sandberg said in an earnings call that users spend more time on Facebook than Twitter, Yahoo, Pandora, AOL, LinkedIn and more — combined.