Facebook is not only expanding its user base but also increasing its revenue base which was clearly visible with its quarterly revenue results. It was the first time that Facebook has crossed the $5 billion mark revenue (Rs. 34,090 crore) in a quarter and this amount is almost similar to what Yahoo earns in a year. Reports about the company’s quarterly performance came on Wednesday and it also proved that slowly and steadily, Facebook is walking on the path of challenging Google.
Facebook net income have also doubled this year to $1.56 billion (Rs. 10,636.08 crore) as it’s making efforts to improve the internet access in isolated parts of the world. What’s more, it’s also investing good amount in virtual reality and mobile ad network.
The stocks of Facebook have also seen upward movements of upto 6.78 or 7% after the quarterly report came out. Facebook stock was closed at $95 and when results announced, it was seen trading at $107.
Google’s parent company Alphabet is expected to post fourth-quarter revenue of nearly $17 billion (Rs 1.15 lakh crore). Google still remains three times larger than Facebook in terms of revenue but it seems Facebook is climbing up at a steady speed and it is going to give tough competition to Google in a few years.