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Thursday, 02 May 2013 10:45

Facebook's profit up 58%

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Facebook's profit up 58%

Despite share price problems social media giant Facebook saw its profit rise in the first quarter of 2013 as it improved its market share in mobile advertising.

Zuckerberg's behemoth is finally starting to leverage widespread use of its mobile app, with that usage now translating to advertising dollars.

In results released today, mobile advertising helped Facebook boost its first-quarter profit by 58% from a year ago to $US217 million ($A212.08 million), defying market forecasts.

Facebook said in a statement its monthly active users rose 23% from a year ago to 1.11 billion, including 751 million mobile users.

The company said mobile advertisements made up 30% of advertising revenue for the quarter.
Facebook's profit result came in at just below market expectations but revenues were higher, lifting 38% from Q1 2012 to $US1.46 billion.

"We've made a lot of progress in the first few months of the year," said Facebook CEO Mark Zuckerberg.

"We have seen strong growth and engagement across our community and launched several exciting products."

Meanwhile industry tracker and commentator eMarketer said Facebook's share of the overall US online advertising market is expected to rise to 6.5% in 2013 from 5.9% in 2012

Much rests on Facebook's new Android-only Home software suite for mobile phones, which received a lukewarm response and is off to a relatively slow start despite chalking up 500,000 downloads. 

Rumours are still flying about an iPhone iteration, but for now a lukewarm Android app isn't going to cut it.

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