Facebook shares went up to 12 percent high in the last quarter of 2015 generating revenue of $5.84 billion. The network stated earning 79 cents a share on the revenue. With this growth and increased shares, Facebook CEO Mark Zuckerberg becomes sixth richest in the planet overtaking Oracle’s Larry Ellison. Zuckerberg’s net worth shot up to $46.25 billion which is $2.5 billion more than Ellison.
This is the first time Facebook recorded over a billion dollar quarterly net income which is 52% more than it got a year ago. The company was expected to report its earning of 68 cents a share excluding expenses which were up from 54 cents a share last year. However, Facebook reported its per share at 79 cents at the close of the market.
Most of the revenue is generated from mobile ad sales and digital media advertising, an industry Google dominates. Along with Google, Facebook also dominates a part of the digital media advertising sales on the internet. This is remarkable gain on a large growth with preexisting revenue. It shows the company’s dominance in the industry.
Facebook is currently narrowing on the gap with Google in digital advertising with its shares rising to 10% from 8% last year. Meanwhile, Google’s shares declined to 30% from 32% last year. Google’s Parent company Alphabet will reveal their fourth quarter earnings on Monday.
Facebook mobile users are estimated at 1.04 billion on a daily basis out of which 90% users use it on mobile devices. Expenses also grew 21% compared to previous year with the company investing on long term businesses such as artificial intelligence, virtual reality and taking internet to the developing and under developed countries across the globe.