Facebook’s Q4 2016 earnings rang in at $8.81 billion USD during the during the fourth fiscal quarter of 2016.
Revenue for the whole year totalled $27.63 billion and 1.23 billion people use Facebook for an average of once per day, which represents an 18 percent increase year over year. Analysts expected the social giant to reel in $8.51 billion over Q4 2016.
Facebook’s revenue for the whole of 2016 jumped 51 percent year over year. Net income also skyrocketed at $10.21 billion, up 128 percent from $3.68 billion the year prior.
Mobile daily active users saw even more of an increase with 1.15 billion users representing as 23 percent larger portion than this time last year. Monthly active users on the other hand totalled 1.86 billion, while mobile monthly active users reached 1.74 billion as of December 31, 2016.
Facebook didn’t just beat out revenue expectations, the company also beat out active user predictions by the hundreds of thousands. Analysts expected the company to report 1.83 monthly active users. In addition, daily active users was expected to range around 1.19 billion vs. 1.23 billion.
Facebook’s ad revenue continues to make up the vast majority of its total yearly and quarterly revenue. During the fourth quarter of 2016, ad revenue made up 84 percent of Facebook’s total revenue, while making up 80 percent of the company’s total annual revenue.
Facebook has been actively trying to maximize advertising revenue on its core site, which this year meant introducing ads to the video products the company has been diligently hyping for the past year.
Its several subsidiary apps continue to draw more users, especially Instagram over the past half-year as Facebook has introduced several Snapchat-like features to the photo sharing app.
Instagram Stories in particular went on to reach 150 million users just five months after launch, and several reports indicate that the platform is beginning to breach Snapchat’s demographic.
In a recent jury decision, Facebook was ordered to pay video game publisher ZeniMax $500 million USD for theft of intellectual property.