Jul 26, 2017
Facebook flush with advertising money
Facebook revenues and profits soared in the most recent quarter, as advertising dollars poured into the social media company and users continued to flock to the site. More than 2 billion people - more than a quarter of the world's population - log into the site every month, a powerful draw for advertisers. Facebook has been adding more advertising as well as more consumers, as it battles with rivals such as Snapchat. Facebook shares, which have risen steadily this year, bounced 0.5% in after-hours trade. The company said mobile ads represented 87% of its advertising revenue of $9.16bn, up from 84% a year ago.
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