-By Oriade Ayomide
California based social networking brand, Facebook has announced a 63 % rise in its fourth quarter revenue in 2013. The rise according to the company is as a result of strong demand for advertising on its mobile apps.
The brand earned $523m (£316m), between October and December last year; a $64m (£39m) jump from the previous year.Shares were up 7% at $57.36 (£34.64) in after-hours trading on Wednesday.
According to the company, revenue from mobile ads represented 53% of its total advertising revenue in the final quarter of 2013 – up from 49% the previous quarter.Overall revenue climbed by $1bn to $2.59bn (£1.56bn), above analysts’ expectations.Facebook shares have also risen by 51% in the last six months.
Facebook now has 1.23 billion monthly users, with 945 million accessing its services on a smartphone or tablet. As the company looks forward to celebrating its 10 years anniversary next week, Chief Executive officer Mark Zuckerberg said “It was a great end to the year for Facebook. We’re looking forward to our next decade and to helping connect the rest of the world.”