Facebook reports Q2 earnings at US $6.44 bn

Facebook has just reported its earnings for Q2 2016. The social network’s growth continued on a steady pace at 3.63%, just slightly lower than last quarter’s 3.77%. The revenue for the second quarter increased 59% year on year totaling US $6.44 bn and $0.97 earnings per share (EPS). The company’s net income in Q2 rose 186% to US $2.06.

“Our community and business had another good quarter,” said Facebook CEO Mark Zuckerberg. “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 number of monthly active users rose 220 mn from a year ago. MAUs were 1.71 billion as of June 30, 2016, an increase of 15% year-over-year. Over 90% of users access the social network from their mobile devices, reported the network.

Facebook’s ad revenue increased by 63% compared to the same period of last year totaling US $6.24 bn. Mobile advertising revenue represented approximately 84% of advertising revenue for the second quarter of 2016, up from approximately 76% of advertising revenue in Q2 2015.

“We just shared our quarterly results and gave an update on our community’s progress to connect the world. Our community now has 1.7 billion people. We hit milestones of 1 billion people on Messenger and 500 million on Instagram each month,” wrote Zuckerberg on his Facebook page.

Following the announcement of the financial results for Q2, the price for the shares of the company on Wall Street increased 7.5% to $132.60. Zuckerberg is now worth US $56.7 bn, according to Forbes, and he is now 5th wealthiest person in the world.

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