Facebook Doubles Fourth Quarter Profits

Facebook's profits have more than doubled in the fourth quarter of 2015.

The social networking giant's net profit rose to $1.56bn up from $701m in the three months from October to December 2015.

The company said that 80% of its advertising revenue in that period came from mobile advertising which is up from 69% a year earlier.

Shares jumped 8.7% in after-hours trading in New York on the better than expected results.

The results mean that Facebook has beaten analysts' expectations for ten consecutive quarters.

Analyst at Evercore ISI, Ken Sena, said the advertising growth was much better than expected.

He said: "It signifies the importance of what they're providing to advertisers.

"They're providing a very efficient method of distribution for them, they're making big investments and evidenced by their quarterly performance it seems to be working."

Mark Zuckerberg, Facebook's chief executive, said that 2015 was "a great year for Facebook".

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