Social Media

The social media site revealed a 15% increase of monthly active users to over 1.65 billion compared to the same period last year. The site remains the largest social network in the world. Revenue was also up almost two billion US dollars (£1.3 billion) on the same quarter in 2015, a 57% rise.

Facebook founder and CEO Mark Zuckerberg said: “We had a great start to the year. “We’re focused on our 10-year roadmap to give everyone in the world the power to share anything they want with anyone.”

At the company’s developer conference last month, Mr Zuckerberg went through the Facebook 10-year plan which involved live video, virtual reality and artificial intelligence alongside solar-powered drones that beam down internet signal as ways of connecting the world via the internet.

Advertising continues to be a key part of Facebook’s business too, as does users visiting the site on mobile. Mobile advertising made up 82% of the total advertising revenue for the quarter, up from 73% on the same period last year.

Facebook also announced plans to introduce a new class of stock, as well as encouraging Mr Zuckerberg to “remain in an active leadership role” at the company.

There was no word on Oculus Rift, the virtual reality platform owned by Facebook. The headset went on sale last month for the first time.

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