Facebook smashed revenue expectations in its most recent quarter as its focus on video and mobile paid off, but it is already looking to the next wave of revenues and positioning itself to win in search, messaging and virtual reality.

Facebook’s ad revenues soared in its most recent quarter as a focus on video and mobile paid off, but the social network is already positioning for the next wave of revenues in search, messaging and virtual reality.

Facebook’s total revenue was up 59% year on year to $6.4bn (£4.8bn), with ad revenue rising by 63% to $6.2bn (£4.7bn). Of the ad total, mobile made up 84%, with revenues rising 81% year on year.

Facebook credited the huge growth on a “double-digit increase” in time spent in its apps, including Facebook, Instagram and Messenger. It has also benefitted from a focus on video, which has attracted more viewers and advertisers to its platform.

Speaking on a conference call following its results, CEO Mark Zuckerberg said he was “pleased” with the social network’s performance but said it is “only 1% into its journey”.

“Over the next three years, we’re focused on continuing to build our community and help people share more of what matters to them. The next five years are about building our newer products into full ecosystems, developers and businesses. And over the ten years, we’re working to build new technologies to help everyone connect in new ways,” he explained. Read More