Facebook has released its quarterly financial report. The tech company has earned a whopping $7.01 billion in revenue and $1.09 for the third quarter of 2016. That's a 56 percent year-over-year revenue growth. Facebook's active users have also increased though not as much as its revenue.
Facebook's Revenue Growth
According to TechCrunch, analysts estimated a $6.92 billion in revenue and $0.97 EPS. However, Facebook went beyond expectations. It topped off its $4.50 billion in revenue for last year's third quarter. A chunk of the $7.01 billion is ad revenue.
That amounts to $6.82 billion compared to the $4.30 billion ad revenue from 2015. TechCrunch further reports that 84 percent of it is from mobile ads. This is consistent with that of the second quarter. It's also a 6 percent increase from last year.
Even more impressive is Facebook's net income. The tech giant's profit went from last quarter's $2.05 to $2.38 billion. Though a 16 percent increase may not be much, its year-over-year growth is at 166 percent. As for the company's expenditures, it's up to $1.10 billion.
Facebook also reports that its cash, equivalents and marketable securities are worth $26.14 billion.
Monthly And Daily Active Users Are Also Up
Facebook also enjoys a growth in its monthly and daily active users. There are 1.79 billion monthly active users, an increase of 16 percent year-over-year. That accounts for 1.66 billion mobile users and 629 million Facebook users from Asia-Pacific.
The tech giant is not short of daily active users. There's been a 17 percent year-over-year growth at 1.18 billion daily users. Mobile is still the dominant platform with 1.09 billion people using it to access Facebook.
Facebook shared that it has an average revenue of $4.01 per user. In the US and Canada, that's actually at $15.65. Facebook CEO Mark Zuckerberg described the company's third quarter financial report as "another good".
Problem With Blocking Contents And Ads
Facebook may be happy with a successful third quarter. However, the tech company has to resolve the issue with regards to blocking or approving certain contents and ads. The company had received some flak after blocking a breast cancer awareness ad. Facebook had admitted the mistake and apologized.
