Recently, one of the most popular social media platforms Facebook has reported that its profit in the last quarter has nearly doubled to a staggering $9.5 billion. The primary push behind such growth is digital advertising, as people spend more time on Facebook amid the COVID-19 pandemic.
Facebook Profit Soars Due to an Increase in its Userbase
In an earning’s release, Facebook’s CEO Mark Zuckerburg said,
We had a strong quarter as we helped people stay connected and businesses grow.
The monetization generated from online advertisements reached a whopping $25.4 billion, which is an increase of 46 percent if we compare it with the same quarter of last year. As per the report, the number of individuals using Facebook monthly increased by 10 percent to 2.85 billion.
The earnings surpassed the market expectations and consequently, Facebook’s shares increased by nearly five percent in after-market trades.
The silicon valley giant Facebook and its “family” of services which include Instagram, WhatsApp, and Messenger ended the last quarter with 3.45 billion monthly users overall witnessing a 15 percent increase as compared to the previous year.