Facebook reported a record 63% rise in revenues for the fourth quarter of 2013, driven by robust mobile advertising sales which accounted for more than half the company’s total ad revenue.
The California-based social networking site, which turns 10 next week, earned $2.59 billion, between October and December of 2013, compared with $1.59 billion in the fourth quarter of 2012. Revenues from advertising contributed $2.34 billion of sales, a 76% increase from the same quarter the previous year.
‘It was a great end to the year for Facebook,’ said Mark Zuckerberg, Facebook founder and CEO. ‘We’re looking forward to our next decade and to helping connect the rest of the world.’
The company claims it now has 757 million daily active users, an increase of 22% year-over-year, with 556 million accessing its services on mobile devices.
The results come on the back of media reports speculating the future of Facebook and its failed marketing proposition to advertisers.
Last week a study from Princeton University claimed the social network would fade out “like a disease” and lose 80% of its users by 2017. Meanwhile, in October market research firm Forrester released the results of a survey that ranked Facebook at the bottom of the value chain among 13 marketing channels, concluding that ‘Facebook creates less business value than any other digital marketing opportunity.’