Shock news: Facebook made a shedload of money in 2019! The social network’s latest financial results cover the final quarter of 2019, but also the full year. Facebook’s revenues grew by 27% year-on-year to $70.7bn, although its net profit narrowed from $22.1bn in 2018 to a mere $18.5bn in 2019.
As for user metrics, Facebook ended 2019 with 1.66bn daily active users (up 9% year-on-year) and 2.5bn monthly active users (up 8%).
The company also has its ‘family’ metric covering people who use one or more of its family of apps (i.e. including Instagram, WhatsApp and Messenger). Family daily active people were 2.26bn, up 11% year-on-year, while family monthly active people were 2.89bn, up 9%.
Music wasn’t mentioned in Facebook’s earnings call with analysts last night: CEO Mark Zuckerberg was focusing more on discussing ‘election integrity’, with Facebook under scrutiny over its plans to battle misinformation and underhand advertising during the upcoming US presidential campaign. He also offered some big-picture guidance: “The product areas that I’m most focused on for the next chapter of our company are building out the private social platform and more intimate communities, enabling more commerce and payments and delivering the next computing platform” [the latter being AR/VR].