14 DAY TRIAL // Facebook has just released its third quarter financial details, the second such report since the company went public. Being the biggest IPO in a long time and having gone so badly, there's been a lot of interest in how well the company is doing as well as what's in store.
The big question on everyone's mind was mobile and Facebook's execs couldn't stop talking about it during the conference call following the announcement.
The messages was clear, Facebook knows what it needs to do and it's doing it. In fact, mobile ad revenue is growing fast, Facebook is now making $3 million per day from news feed ads on its mobile apps, out of $4 million per day for news feed ads in total.
That's up from $1 million per day for mobile ads in the second quarter. Facebook only started running mobile ads six months ago.
This added up to $150 million in revenue from mobile devices this quarter alone, from a total of $1.09 billion ad revenue.
Total revenue was $1.26 billion, analysts were expecting $1.23 billion. The good news was enough to push Facebook share price up 10 percent in aftermarket trading.
Facebook share price took a huge dive after the IPO, due to a combination of factors. One of the big concerns were low mobile revenue, coupled with more and more people switching from the desktop to mobile.
"As proud as I am that a billion people use Facebook each month, I'm also really happy that over 600 million people now share and connect on Facebook every month using mobile devices," Mark Zuckerberg said in the customary financial results quote.
"People who use our mobile products are more engaged, and we believe we can increase engagement even further as we continue to introduce new products and improve our platform. At the same time, we are deeply integrating monetization into our product teams in order to build a stronger, more valuable company," he said.