Facebook blew Wall Street’s predictions out of the water with its fourth quarter results, recording more than $1 billion in quarterly net income — a new record.
The social media firm posted $5.84 billion in revenue, skyrocketing 52 percent from the $3.85 billion it reported in the year-ago quarter, and earnings of 79 cents per share. Analysts had expected forecast earnings of 68 cents per share and revenue of $5.37 billion.
Revenue for all of 2015 came in at $17.93 billion, up 44 percent year-over-year, while net income was $3.69 billion.
The results — due in large part to the firm’s mobile ad success — caused Facebook’s stock to surge 12 percent in after hours trading.
“2015 was a great year for Facebook. Our community continued to grow and our business is thriving,” Facebook CEO Mark Zuckerberg said in a statement. “We continue to invest in better serving our community, building our business, and connecting the world.”
Facebook also enjoyed a healthy membership boost with an active monthly user base of 1.59 billion people, with a little more than one billion of that number logging into the social network each day. More than 1.44 billion of its members are using Facebook on their mobile devices.
Zuckerberg, in a call with investors, attributed Facebook’s success to focusing on improving its products so they work for everyone across the globe.
“These efforts are paying off with growth and engagement for different products reaching an impressive scale,” he said. “Now, more than 500 million people use events each month and more than a 123 million events were created on Facebook in 2015. For the first time, more than one billion people used groups in a single month on Facebook.”