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View the article online at http://citywire.co.uk/wealth-manager/article/a731222

Facebook surges on record quarterly results

by James Phillipps on Jan 30, 2014 at 07:45

Facebook surges on record quarterly results

Facebook delivered record quarterly results as mobile revenues surged, helping the company to close the year with a $1.5 billion profit.

The social network saw revenues of $2.59 billion in the fourth quarter, up 63% year-on-year. The strong year contributed to full year revenues of $7.87 billion, which was a 55% increase on 2012. Its share price surged by 7.5% on the news and is now up by over 90% since last summer.

Despite initial concerns about how the company would be able to monetise its user base, particularly those using smart phones, mobile advertising revenue accounted for 53% of it of its £2.34 billion total advertising revenue in Q4. This was up from around 23% in Q3 and equivalent to over 5% of global advertising revenues..

Similarly, concerns about existing users leaving the site have broadly proven unfounded with the site recording 1.23 billion active users in Q4, up 16% year-on-year.

Facebook turns 10 next week with CEO Mark Zuckerburg (pictured) saying that he looked forward to ‘connecting the rest of the world’ over the next decade.

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