Now, for the first time, they’ve reported a net income of $64 million - citing their increased focus on mobile platforms for the turnaround.
Facebook CEO Mark Zuckerberg said: “Today there’s no argument: Facebook is a mobile company. It allows us to reach more people, and we’ll be able to make more money for each minute people spend with us on their mobile devices.”
Investors were heavily critical of Facebook’s seeming inability to monetise its mobile platform, and many attributed the poor start to its life as a public company to this. Over half of the company’s billion users access the site via a mobile device, so the concern over a lack of advertising on mobiles was fairly understandable.
Eden Zoller, an analyst with Ovum said: “Facebook’s results give cause for optimism and suggest the company is on the right track following its disappointing IPO and the lacklustre two quarters that immediately followed.
“This solid progress on the mobile advertising front should be applauded as a key challenge for Facebook has been how to monetise its growing mobile user base, particularly as an increasing number interact with the platform by only via mobile devices.”