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Facebook users rise as court imposes fine

FacebookFacebook saw profits rocket by 177% to $10.2bn (£8bn) last year as active monthly users rose by 17% to 1.86 billion.

It now has 1.23bn who use its service every day, up 18% from a year earlier.

However, its latest figures were overshadowed by a court ruling that the company and other defendants must pay $500m (£395m) after finding they unlawfully used a firm’s virtual reality technology.

A found Oculus, which Facebook bought in 2014, used computer code belonging to video game developer Zenimax to launch its own VR headset.

Oculus said it was “disappointed” and would appeal against the ruling.

Facebook reported sales for the last quarter 50.8% higher at $8.8bn from the same period a year earlier while sales for 2016 grew by the same volume to $27.6bn.

Mobile ad revenue for the quarter accounted for 84% of the company’s total advertising revenue of $8.63bn, against 80% a year earlier.

Analysts on average had expected total ad revenue of $8.31bn.

The company’s stock rose by nearly 3% in after hours trading.

 

 

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