Facebook Daily Active Users Hit 1.23B

Mobile ad revenues rose 61 percent to comprise 84 percent of company's total ad revenues of $8.6 billion, up from 80 percent a year ago and steady with the third quarter.

"While I don't believe ad revenues are being impacted as of yet, I do think that marketers should be vigilant in tracking the effectiveness of their advertising on Facebook and not rely exclusively on what Facebook is telling them", said Debra Aho Williamson, an analyst for eMarketer said in a statement before the earnings were released.

Money taken in from ads on mobile devices accounted for approximately 84 percent of the social networks overall advertising revenue in the final quarter of past year. Mobile MAUs reached 1.74 billion, up 21 percent from past year, while DAUs were 1.15 billion, up 23 percent. Facebook reported that fourth-quarter expenses grew 29% from the same period a year earlier to $4.24 billion.

Despite the business success, CEO Mark Zuckerberg pointed out that Facebook is on a mission to change the world. Both earnings and revenues trumped Wall Street expectations. "We believe that this creates a greater number of stronger relationships between people, and that it helps people get exposed to a greater number of diverse perspectives".

The company inched closer to reaching 2 billion users, saying that about 1.86 billion people were using its service monthly as of December 31, up 17 percent from a year earlier.

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Shares of Facebook closed Wednesday up 2.2% at $133.23, with a consensus analyst price target of $ and a 52-week trading range of $ to $.

Facebook also continued to grow its mobile user base.

Adjusted earnings for the quarter rose to $4.15 billion or $1.41 per share from $2.27 billion or $0.79 per share previous year.

Less than an hour before Facebook reported earnings, the company lost a lawsuit pertaining to its Oculus virtual reality company, in which a jury ordered the company to pay $500 million in damages to Dallas software firm ZeniMax. Other important metrics to watch out for on Wednesday will be growth in mobile usage and Instagram's revenue growth.

Since the USA election in November, Facebook has come under intense scrutiny for its role in the distribution of fake news during the campaign cycle.

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