Facebook has reported a 186% year-on-year increase in second quarter profits, driven by a 63% rise in advertising revenue boosted by demand for video ads.
Advertising revenue was up 63% to $6.24bn and accounted for 97% of the social networking company’s total revenue.
Profits were also up 186% year-on-year to $2.06bn, while the number of monthly active users is up 15% to 1.71 billion, with 1.57 billion using mobile devices – an increase of 20% year on year and 91% of the total.
Facebook said daily users now number an average of 1.13 billion, an increase of 17% compared with a year ago.
Mobile advertising accounts for around 84% of total advertising revenue, up from around 76% in the second quarter of 2015 with most users accessing Facebook from mobile devices.
Facebook founder and CEO Mark Zuckerberg said: “Our community and business had another good quarter.
“We're particularly pleased with our progress in video as we move towards a world where video is at the heart of all our services.”
The market research company, eMarketer, said Facebook’s global ad revenues will account for more than two-thirds of all social media revenue in 2016. The company predicts that Facebook’s figure for the year will hit $22.37bn up from 2015’s $17.08bn.
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