Facebook revenues soar as monthly users approach 1.9bn

Facebook has reported a strong end to its financial year as the social network's monthly users jumped to more than 1.86 billion.

Mark Zuckerberg said Facebook has 'a lot of work ahead to help bring people together'. Picture: Josh Edelson/AFP/Getty Images

The technology giant, which also owns virtual reality firm Oculus as well as Instagram, WhatsApp and Edinburgh-based audio start-up Two Big Ears, revealed its revenue had risen 54 per cent in the last year to $27.6 billion (£21.8bn), while net income almost trebled from $3.7bn to $10.2bn.

Mobile users – a key part of the Facebook business because of the rise of smartphones and tablets – also increased in both monthly and daily terms with 1.15 billion mobile users logging on to the site every day and 1.74 billion each month.

Facebook chief executive Mark Zuckerberg said: “Our mission to connect the world is more important now than ever. Our business did well in 2016, but we have a lot of work ahead to help bring people together.”

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The social network has been criticised in recent weeks over the rise of so-called “fake news”, and whether the site is doing enough to combat the spread of false stories on the platform.

The company is also facing the prospect of a large legal bill after a court in Texas ruled that Oculus must pay game publisher ZeniMax $500 million over lack of compliance with a non-disclosure agreement.

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