Soared Revenues a company Facebook, which is made up almost entirely of ad sales, in the fourth quarter increased 33 percent to $ 28.07 billion in the fourth quarter ended December 31, from $ 21.08 billion the year before.
Facebook ended 2020 much stronger financially than it was at the start of the year, proving that its business can weather the coronavirus pandemic and even thrive thanks to its rampant usage time over the past 12 months.
Net income was $ 11.22 billion, compared to $ 7.35 billion a year ago, up 53 percent year-on-year.
In terms of usage, Facebook is everywhere, with more than 1.84 billion people using its main social network at least once a day in December 2020, an increase of 11 percent year-on-year.
As of December 31, 2020, more than 2.8 billion people visited Facebook at least once per month, an increase of 12 percent from the previous year.
When measuring usage of the aggregate app suite that also includes Facebook Messenger, Instagram and WhatsApp – a metric the company refers to as the most active in the family – the numbers are better, as usual.
More than 2.6 billion people visit a Facebook application daily, an increase of 15 percent from 2019, while more than 3.3 billion people visit an application at least once a month, an increase of 14 percent.
Facebook’s business was largely unaffected by its decision in October to temporarily ban political advertising after the US election.
The company extended the ban for one month in December, but excluded ads for Georgia’s Senate races.
This was to be expected, as political advertising pales in comparison to e-commerce, retail and ad spend of small businesses across the platform.
Video chatting devices Portal and the virtual reality business Oculus performed well in the last quarter, with revenues jumping 156 percent to $ 885 million.
Facebook has warned that Apple’s impending privacy changes may harm profits by interfering with ad targeting.
The world’s largest social media company said it expects to face headwinds for targeting ads in 2021.
And Facebook has predicted that Apple’s update of its iPhone operating system to iOS 14 could begin to chop off revenue as early as the end of the first quarter.