India is one of the promising markets of the company.
By Sreekanth A Nair
Tearing past all predictions, social media giant Facebook has registered better than expected result in the second quarter ended June 30.
According to the quarterly result published by the company on July 27, the Californai-based company earned $6.44 billion as revenue, exceeding the average analyst estimate of $5.80 billion for the quarter.
David Wehner, Chief Financial Officer of Facebook said that India is one of the promising markets of the company where it registered continuous user growth. The region “has been a consistently good performer for us over the last several quarters and we will continue to invest our global sales resources to drive opportunities there”, Wehner was quoted as saying by Reuters.
With more than 1.7 billion monthly users, Facebook continues to be the most popular social media platform in the world. The number of monthly active users showed a growth of 15 percent over the last year.
While the daily active users surged 17 percent over a year reaching 1.13 billion, the daily users on mobile reached 1.03 billion, registering 22 percent growth. Monthly active users of Facebook on mobile rose to 1.57 billion with 20 percent increase on a year-to-year basis.
Mobile advertisement revenue moved up to 84 percent of the total advertisement revenue compared to 76 percent in 2015. Mobile advertisement revenue expanded to 80 percent while the overall advertisement growth was only 59 percent.
As more advertisers shifted their focus from television to the internet, the mobile app and new video features of Facebook attracted more advertisement.
“Our community and business had another good quarter. We’re particularly pleased with our progress in video as we move towards a world where video is at the heart of all our services,” said Mark Zuckerberg, Facebook founder and CEO.
India, touted as the fastest growing economy in the world, seems to be the bright spot for technology firms even at a time when the fear of a slowdown lingering around the world in the backdrop of Brexit.
When Apple declared its quarterly results a few days back, CEO Tim Cook had praised the potential of the Indian market. “India is now one of our fastest growing markets … We’re looking forward to opening more retail stores in India down the road, and we see huge potential,” he said.