Facebook has reached historical numbers both financially and in terms of active users. Its second quarter earnings report was better than expected, exactly 71% better than the same period last year, with $9.3 billion in revenue and $3.89 billion in net income.
Before the earnings call, Facebook CEO’s Mark Zuckerberg, announced the reach of the social network in a blog post: “As of this morning, the Facebook community is now officially 2 billion people! We’re making progress connecting the world, and now let’s bring the world closer together. It’s an honor to be on this journey with you,” Zuckerberg wrote.
The earnings report surpassed analysts’ expectations. The company’s net income for the quarter was $1.9 billion more compared to a year ago. This equals diluted earnings of $1.32 per share which is up from $0.78 last year. A net profit of $1.13 per share was expected, according to Variety.
Facebook plans to maintain advertising revenue though a growth strategy is not yet clear. CFO David Wehner warned that video content investments will continue in the second half of 2017. “Video will continue to be a big focus and area of investment for us,” he told Variety.
Another key finding in the report includes minor, but significant growth in mobile ad revenue in the total revenue of Facebook, from 84% last year to a 87% this quarter. The ad revenue grows stronger in the Asia-Pacific region (54.4% year-over-year) than in Europe (42.9% year-over-year) and North America (44.6% year-over-year). North America and Canada are the main markets for Facebook making it close to half of its overall revenue.