Feb 03, 2017 06:01 AM EST

Facebook's $8.63 Billion Ad Revenues Due to Mobile

Facebook's quarterly earnings came out last Wednesday, Feb. 1, and it was revealed that most of its earnings were due to advertising that was seen by people on their phones.

Advertising revenues took up $8.63 billion of the reported quarterly earnings of $8.81 billion, reports CNBC. In addition, 84 percent of the $8.63 billion ad revenues can be credited to mobile users.

According to the social media's chief operating officer, Sheryl Sandberg, most of Facebook's users access the platform using their mobile devices. Because of that, marketers are taking advantage of mobile video and the vast opportunities it offers.

Furthermore, Canaccord Genuity's managing director and senior equity analyst, Michael Graham, stated that Facebook has a multi-layer revenue growth story, reports CNBC. He added that not only are its number of users growing but so is the engagement and monetization of each Facebook user.

CNBC also reported that Facebook removed its desktop advertising platform last May 2016 and have taken measures to fuel its growing mobile dominance. The various measures that they are deciding to take include advertising through Instagram stories, through What's App as well as via Facebook Messenger.

In other news, Hugo Barra, former Google and Xiaomi executive, was appointed the new VP of Facebook's Virtual Reality and Oculus team. The announcement was posted by CEO Mark Zuckerberg on his official Facebook page last January 26, as reported by Jobs & Hire. Read more about it here.

The news on the advertising revenue comes in light of the lawsuit between Oculus and ZeniMax. Oculus sued the game maker for intellectual property theft, but a jury decided in favor of ZeniMax.

It was also decided that the social networking site pays half a billion dollars to the ZeniMax in damages. Stay updated with more news relating to Facebook and Oculus by following Jobs & Hire.

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