Facebook reported a 51.7 percent jump in revenue for the final quarter of 2015 as new advertising formats and an improved mobile app drove a sharp rise in ad sales.
The company’s total revenue rose to $5.84 billion from $3.85 billion a year earlier, with ad revenue increasing 56.8 percent to $5.64 billion in the holiday shopping period, when spending on advertising typically spikes.
Net income attributable to common shareholders rose to $1.56 billion, or 54 cents per share, in the three months ended Dec. 31 from $696 million, or 25 cents per share in the same period of 2014.
Facebook, which has the world’s most popular smartphone app, has also been benefiting from a surge in video views that has attracted advertising dollars.
Written by Malathi Nayak and Abhirup Roy of Reuters