Facebook earnings nearly triple on strong advertising revenue

Strong advertising sales pushed Facebook to record high profit in the second quarter, the social networking company said Wednesday.

Net profits rose to 2.1 billion dollars from 719 million dollars in the year-earlier period, while revenues increased 59 per cent to 6.4 billion dollars.

Ads on mobile phones drove much of the profit, representing 84 per cent of advertising revenue. Total advertising revenue rose 63 per cent to 6.2 billion dollars.

"Our community and business had another good quarter," Facebook chief Mark Zuckerberg said. "We're particularly pleased with our progress in video as we move towards a world where video is at the heart of all our services."

The world's largest online network reported 1.7 billion active users per month as of the end of June, up 15 per cent from the previous year.

Last update: Thu, 28/07/2016 - 00:32

More from Business

Facebook to build data centre in Denmark

The Danish city of Odense and social media giant Facebook announced on Thursday the city was to host a new European...

Freight train from China crosses 12,000 kilometres to London

The first Britain-bound freight train from China arrived in London on Wednesday, completing an 18-day trip across...

US prosecutors finalize 7.2-bln-dollar settlement with Deutsche Bank

The US Justice Department announced a 7.2-billion-dollar settlement Tuesday with Deutsche Bank over allegations that...

General Motors announces 1-billion-dollar investment in US workforce

General Motors will join other carmakers in opting to invest and hire inside the United States, the company...

Tobacco giant BAT agrees to 49-billion-dollar takeover of US rival

British American Tobacco Plc on Tuesday said it has finalized a deal to acquire 57.8 per cent of shares of US rival...