Facebook records $9.3bn revenue

Facebook records $9.3bn revenue

Facebook revenues and profits soared in the most recent quarter, as advertising dollars poured into the social media company and users continued to flock to the site.

More than two billion people – more than a quarter of the world’s population – log into the site every month, a powerful draw for advertisers.

The firm said revenues hit $9.3 billion over the April to June period, jumping 45% year-on-year. Profits climbed 71% to $3.9bn.

Facebook faces competition from Snapchat, a platform particularly popular amongst young social media users, which pioneered the idea of “stories”, a series of messages aimed at a wider audience that lasts for 24 hours.

Instagram and Whatsapp are now offering similar features.

The firm now employs more than 20,600 people, up 43% year-on-year.

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