Facebook's global ad revenue is expected to total $33.76 billion this year, according to forecasting firm eMarketer, making Facebook the largest ad publisher after. Total advertising revenues surged 53 percent to $8.63 billion.
Net income attributable to Facebook shareholders rose to $3.56 billion, or $1.21 per share, from $1.56 billion, or 54 cents per share, a year earlier. That included 1.15 billion users over mobile devices, up 23 percent.
Facebook reported on Wednesday that its profit more than doubled in the final three months of a year ago as revenues climbed and its user base grew. Mobile ad dollars made up about 84 percent of its ad revenue.
"Our mission to connect the world is more important now than ever", said Facebook CEO Mark Zuckerberg. Our business did well in 2016, but we have a lot of work ahead to help bring people together.
Earnings, adjusted for one-time gains and costs, were $1.41 per share in the latest quarter.
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That means Facebook revenue grew nearly 52 percent over the same period past year. After a year of investing heavily to promote the production of live broadcasts, Facebook's Ricky Van Veen has said the company is in talks with producers about buying full-length, original scripted and unscripted videos.
Facebook said Wednesday that 1.86 billion people use the social network at least once a month.
FB closed Wednesday's trading at $133.23, up $2.91 or 2.23%, on the Nasdaq. That's an 18 percent increase from the year prior and up from the 17 percent bump last quarter. In November, the company's stock dropped by more than 7 percent at one point in after-hours trading after Facebook Chief Financial Officer David Wehner said it expects the company's rate of ad revenue growth to slow down and expenses to climb in 2017.
Overall, the biggest driver in revenue and user growth is on mobile.