Years of hard work are finally paying off for the world's number one social network.
On Wednesday this week, the company announced its first quarter earnings which ended in March. Facebook's revenue in Q1 this year was $2.50 billion, up by 72 percent from last year in the same quarter.
Meanwhile, advertising revenue was $2.27 billion, an 82 percent increase from the same quarter last year. Facebook announced that mobile advertising revenue represented 59 percent of the overall advertising revenue - that's up by 30 percent.
Furthermore, the company revealed that there were 802 million daily active users in Q1, and that 609 million of them were on mobile. The rate of mobile users has grown 43 percent annually, Facebook said.
"Facebook's business is strong and growing, and this quarter was a great start to 2014," said Mark Zuckerberg, Facebook founder and CEO. "We've made some long term bets on the future while staying focused on executing and improving our core products and business. We're in great position to continue making progress towards our mission."
Gene Ryan Briones Gene Ryan Briones (Google+) is a technology journalist with a wide experience in writing about the latest trends in the technology industry, ranging from mobile technology, gadgets and robots, as well as computer hardware and software.
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The “geek mind” is concerned with more than just the latest iPhone rumors, or which company will win the gaming console wars. I4U is concerned with more than just the latest photo shoot or other celebrity gossip.
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