Facebook Triples Profits

Image by Enoc vt | Wikimedia

Image by Enoc vt | Wikimedia

Facebook reported that the advertising revenue from its mobile ads totalled 59%, a huge leap from the 30% of the previous year.

Steady Rises

The company anticipated consumers would start leaving PCs behind in favor of mobile devices, and their move is being rewarded in large dividends. Facebook’s overall revenue rose by about 72% in the first three months of 2014 from the same period in 2013. The social media giant recorded a profit of $642 million, boosting both sales and earnings ahead of analyst expectations. This caused the collective company shares to rise by 2%.

Important Acquisitions

Facebook has been busy with the acquisition market as well, buying WhatsApp for $19 billion, and Occulus for $2 billion as part of a bigger plan that includes mobile and hardware technology.

“The theory for WhatsApp… is that they’re on a path to have a billion people using their product in the near future, and there just are not that many services in the world that can reach a billion people,” Facebook CEO Mark Zuckerberg said last month. “Similarly, with Oculus, there are not that many companies that are building core technology that can be the next major computing platform.”