According to quarterly reports released on Wednesday, mobile advertising now accounts for just under half of Facebook's revenues, This announcement sent shares for the social media giant soaring in after-hours trading. According to its quarterly report, mobile advertising represents about 49 percent of Facebook's $1.8 billion ad revenue made in the third quarter of 2013. Last year, many thought Facebook would have greater difficulty adapting to the growing mobile market which impacted the company's share sale. It took the company nearly a year to surpass the $38 per share price its shares initially sold for. After Wednesday's announcement, Facebook shares leapt even higher. Shares jumped 10 percent to $53.88 in after-hours trading. Facebook is projected to account for a 15.8 percent share of global mobile ad spending in 2013, up from 5.35 percent last year. Mobile advertising is the fastest growing advertising category today with the overall global mobile ad market expected to grow a whopping 89 percent to $16.65 billion in 2013, up from $8.8 billion in 2012.
Facebook saw more success in its quarterly findings than just mobile ad revenue. Facebook's overall revenues were over $2 billion for the third quarter, up from $1.26 billion for the same period in 2012. The social media giant's net income was $425 million; this is much improved from last year's loss of $59 million. Facebook founder and chief executive, Mark Zuckerberg, said, "The strong results we achieved this quarter show that we're prepared for the next phase of our company, as we work to bring the next five billion people online and into the knowledge economy."
Tech-Mee.com
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