While the internet jokes about how much Facebook co-founder and chief executive officer Mark Zuckerberg looks like an android/lizard man, Facebook is making money, lots of money.
The social network’s Q1 2018 financial results reveal that total revenue amounts to $11.97 billion. This represents a year-on-year change of 49 percent.
As you may be aware Facebook makes most of its revenue from advertising but what is interesting is that in Q1 2018 the biggest source of that advertising revenue came from mobile.
Approximately 91 percent of advertising revenue in Q1 2018 came from mobile advertising compared to 85 percent in the same period a year ago.
“Despite facing important challenges, our community and business are off to a strong start in 2018,” Zuckerberg.
Those “challenges” El Zuck mentions are of course the Cambridge Analytica scandal which saw many users question Facebook’s data collection, sharing and retention methods.
In spite of the scandal Facebook appears to be booming. Daily active users averaged out at 1.45 billion in March 2018 which is a 13 percent increase year-on-year.
Even monthly active users are up 13 percent year-on-year sitting at 2.2 billion by 31st March 2018.
So while users online might be calling for a boycott of Facebook the numbers tell a different story.
That having been said, Zuckerberg has reiterated that Facebook needs to change the way it does business.
“We are taking a broader view of our responsibility and investing to make sure our services are used for good. But we also need to keep building new tools to help people connect, strengthen our communities, and bring the world closer together,” said Zuckerberg.[Source – Facebook] [Image – CC BY SA 2.0 Esther Vargas]