Belfast Telegraph

Facebook exceeds market expectations with revenue increase of 45%

Facebook exceeded market expectations in its latest financial results, as the social network reported a revenue increase of 45% on last year.

The social media site's total revenue for the three months ending June 30 was 9.3 billion dollars (£7bn), compared with 6.4 billion dollars (£4.8bn) for the same period last year.

This was also just above the 9.2 billion dollars predicted by Wall Street analysts.

The company, founded by Mark Zuckerberg in his Harvard dormitory, recently said it had surpassed more than two billion monthly active users.

"We had a good second quarter and first half of the year," Mr Zuckerberg said of the results.

"Our community is now two billion people and we're focusing on bringing the world closer together."

Facebook's net income for the quarter was also up dramatically - 71% on the same period last year from 2.3 billion dollars (£1.7bn) to 3.9 billion dollars (£2.9bn).

Having hit the two billion monthly user mark earlier in the year, the social networking site reported further user growth, as the number of people using Facebook every day rose to 1.32 billion, up 17% on 2016.

Monthly active users had also increased slightly, reaching 2.01 billion by the end of the last quarter.

Facebook also owns fellow communication service giants WhatsApp and Instagram.

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