Thursday, March 28, 2024 | Ramadan 17, 1445 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Facebook profit jumps as user ranks grow

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San Francisco: Facebook reported a surge in profits in the past quarter, fuelled by strong growth in money-making ads to its more than two billion users.


Net profit in the second quarter leapt 71 per cent from a year ago to $3.9 billion while revenue climbed 45 per cent to $9.3 billion.


In after-hours trade, Facebook shares rose some 3.4 per cent to $171.35 on the stronger-than-expected results.


“We had a good second quarter and first half of the year,” said Facebook Co-founder and Chief Executive Mark Zuckerberg.


“Our community is now two billion people and we’re focusing on bringing the world closer together.”


The number of people using Facebook at least once a month was 2.01 billion at the end of June, an increase of 17 per cent from the same time last year, according to the leading social network.


The vast majority of Facebook’s revenue came from advertising, and 87 per cent of that was derived from ads served to people connecting with mobile devices. — AFP


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