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Facebook's revenue surges 50.8 per cent

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Facebook has reported a strong end to its financial year as the social network's monthly users jumped to more than 1.86 billion.

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The technology giant, which also owns virtual reality firm Oculus as well as Instagram and WhatsApp, revealed its revenue had risen 54 per cent per cent in the last year to $US27.6 billion ($A36.5 billion), while net income more than doubled from $US3.7 billion ($A4.9 billion) to $US10.2 billion ($A13.5 billion).

In September the number of Facebook users was 1.79 billion

Mobile users – a key part of the Facebook business because of the rise of smartphones and tablets – also increased in both monthly and daily terms with 1.15 billion mobile users logging on to the site every day and 1.74 billion each month.

The social network’s founder and chief executive Mark Zuckerberg said: “Our mission to connect the world is more important now than ever.

“Our business did well in 2016, but we have a lot of work ahead to help bring people together.”

Facebook has been criticised in recent weeks over the rise of so-called ‘fake news’, and whether the site is doing enough to combat the spread of false stories on the platform.

The company is also facing the prospect of a large legal bill after a court in Texas ruled Facebook-owned VR firm Oculus must pay game publisher ZeniMax $US500 million ($A661 million) over the lack of compliance with a non-disclosure agreement.

– AAP

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