Finance Finance News Facebook profits nearly triple to $US642m

Facebook profits nearly triple to $US642m

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Facebook profits nearly tripled to $US642 million ($A688 million) in the first quarter on a 72 per cent surge in revenues, the company has reported.

Advertising revenues on the huge social network were up 82 per cent from a year ago, the company said.

Of that, earnings from mobile ads comprised 59 per cent of that, compared with 53 per cent in the fourth quarter of last year.

Mobile users continued to dominate the growth picture for the company: daily active users were up 21 per cent from a year ago to 802 million, and of them mobile users totalled 609 million, a year-on-year gain of 43 per cent.

Monthly active users meanwhile rose to 1.28 billion, one billion of them on mobile.

“Facebook’s business is strong and growing, and this quarter was a great start to 2014,” Facebook chief executive Mark Zuckerberg said in a statement.