Facebook’s advertising revenue soared to $26.89 billion in 2016 – up 57% year-on-year – according to its latest financial results.
Of the $8.63 billion in ad revenue recorded in the final three months of the year, mobile advertising accounted for approximately 84% – up from 80% in Q4 2015.
Around 1.15 billion people are estimated to use Facebook on their mobile each day – a 23% year-on-year increase – with that figure rising to 1.74 billion on a monthly basis.
Meanwhile, overall profit for 2016 was up 177% to $10.2 billion, while profit for the final quarter was up 128% to $3.57 billion.
However, the strong figures come as Facebook is ordered to pay $500 million to video games publisher ZeniMax Media, which claimed that Oculus – which Facebook paid $2 billion for in 2014 – had stolen its technology.
In related news, Facebook is also said to be developing a video app for TV set-top boxes, according to a report in the Wall Street Journal [paywall].
The app could allow the social media giant to compete for TV adspend by giving it the power to run its growing video content on larger screens.
The WSJ report also reiterates claims that Facebook is looking to licence original content – potentially placing it alongside the likes of Amazon Video which has successfully become a key competitor to Netflix in recent years.
