Facebook is closing in on 2 billion users

Facebook has had quite a rollercoaster ride so far in 2017. Sure, it managed to go head-to-head with Snapchat and rolled out lots of new features, but it’s also faced plenty of scrutiny over fake news and the rise of graphic violence on its live video platform. Still, Facebook continues to be the social network of choice for millions of people around the world. Indeed, in its first quarterly earnings report for 2017, the company reported that it has 1.94 billion monthly active users as of March 31st, which is a nearly 300 million increase from this time last year. What’s more, an average of 1.28 billion people use Facebook products every single day.

As you might expect, this means that Facebook made a lot of money last year. Specifically, in just the first three months of 2017, the company made $8 billion in revenue, which is a rise of 49 percent from just a year ago. If you look at net profits specifically, the jump is a little over $3 billion, which translates to a hugely impressive 76 percent growth. A big chunk of that cash comes from mobile advertising, which is now the source of around 85 percent of Facebook’s advertising revenue. This could explain why Facebook has stopped providing numbers for its mobile users — pretty much everyone on Facebook is a mobile user.

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Source: Facebook