Facebook reported another solid quarter of growing revenue and saw its number of monthly active users grow by 14 percent in December over the same month a year ago.
The company reported late Wednesday that it had 4Q revenue growth of $12.97 billion, a 47 percent increase over the same quarter in 2016. Earnings per share were $1.44, a number that was lower than it would have been because of a change in corporate tax law. The overall revenue growth figure exceeded estimates by Wall Street analysts.
“2017 was a strong year for Facebook, but it was also a hard one,” CEO Mark Zuckerberg said in a statement, referring, at least in part, to the company’s effort to come to grips with its reported role in spreading stories that weren’t true.
Addressing those concerns remains a major focus for the social media company.
“In 2018, we’re focused on making sure Facebook isn’t just fun to use, but also good for people’s well-being and for society,” Zuckerberg said in the statement. “We’re doing this by encouraging meaningful connections between people rather than passive consumption of content.
“Already last quarter, we made changes to show fewer viral videos to make sure people’s time is well spent. In total, we made changes that reduced time spent on Facebook by roughly 50 million hours every day. By focusing on meaningful connections, our community and business will be stronger over the long term.”
Mobile ad revenue of $11.4 billion was the biggest money-maker for the company. That accounted for 89 percent of the company’s advertising revenue, up a bit from 84 percent in 4Q 2016.
Other highlights from Facebook’s report included daily active users averaging 1.4 billion in December and monthly active users of 2.13 billion, a 14 percent increase year-over-year.