Facebook profits almost double those of 2013
Social media giant Facebook has reported that total profits for the year were $2.9 billion, almost double the total for 2013.
Revenue for the full year 2014 was $12.47 billion, an increase of 58% year-over-year.
Fourth-quarter profits of $701 million (£462 million), were a 34% increase on the same period a year ago.
Advertising revenue grew by 53% to $3.59 billion, with nearly 70% of that coming from mobile ad sales.
The firm said it now has 1.39 billion active users each month, a 13% increase from a year ago.
However, due to extensive investment in research and development, the profit the company made on each dollar of revenue decreased from 44% to 29% from a year earlier.
The amount Facebook is spending on R&D nearly tripled to $1.1 billion this quarter.
The firm has also spent large amounts on developing new acquisitions such as Instagram, WhatsApp and virtual-reality headset maker Oculus Rift, as well as its own in-house messaging products and video services.
Mark Zuckerberg said: “We got a lot done in 2014. Our community continues to grow and we’re making progress towards connecting the world”