Facebook is set to know MORE about its users than ever before
SOCIAL network giant reveals ANOTHER huge surge in profits but also shows off huge growth in Facebook users around the world.
Facebook has revealed a huge surge in user numbers and profits
Facebook has revealed a huge increase in profits and user numbers over the past year.
The American social media giant has said that the number of people using its site has grown to nearly two billion as it connects more of us than ever before.
The site is also becoming incredibly profitable, revealing a 166 per cent increase in profits compared to the previous year.
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Facebook revealed the news in its latest financial results today, showing that the company's growth continues all round.
The last three months saw the company record $7.01 billion (£5.63 billion) in revenues and $2.1 (£1.68 billion) billion in profits, a huge rise on the same period last year.
The rise of mobile advertising played a huge role in this increase, as Facebook revealed that 84 per cent of its entire advertising revenue now comes from mobile platforms.
This was helped by the rise in Facebook users, as the site capitalised on its growing popularity in new markets.
Overall, Facebook averaged 1.18 billion users a day during September, an increase of 17 per cent from last year.
The site also saw an average of 1.09 billion users logging in using their smartphones during the month, a 22 per cent increase on 2015.
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Going forward, Facebook CEO Mark Zuckerberg revealed that the site would primarily look to focus on growing its artificial intelligence and virtual reality work.
The site will be using AI going forward to improve the quality of its services, such as filtering out clickbait stories from user's News Feed.
As for VR, Zuckerberg revealed that Facebook will be investing over $250 million in developing more concepts to go along with its existing Oculus range.
Zuckerberg said, "Everything we do is about opening the world to everyone and helping more people to connect and share."