Total revenue rose to $8.81 billion from $5.84 billion a year ago.
Defying the massive fake news scandal that hit the social networking giant during the United States presidential election as well as analysts, Facebook has registered strong growth in its mobile advertising business, with total revenue reaching $8.8 billion from $5.84 billion a year ago.
The company posted a profit of $3.57 billion, or $1.21 a share, up 128% from a year-earlier profit of $1.56 billion, or 54 cents a share.
Mobile advertising revenue - Mobile advertising revenue represented approximately 84% of advertising revenue for the fourth quarter of 2016, up from approximately 80% of advertising revenue in the fourth quarter of 2015.
For 2016, Facebook's revenue was $26.9 billion - up 57 percent from 2015. It reported 1.23 billion daily active users, up 18 percent from a year ago.
This was contained in today's announcement of the milestone by the founder of the social media network, Mark Zuckerberg. Mobile ad revenue accounted for almost 84 per cent of the company's total ad sales in the fourth quarter.
However, many analysts have raised concerns about Facebook's ability to meet its own targets it sets every quarter.
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Zuckerberg said, "Our biggest focus continues to be putting video first across our family of apps". In addition to this, on its way up, the company also made hefty profits along the way.
That could include playing with virtual reality headsets, communicating with business bots on its Messenger chat application or coming to Facebook's new video tab to explore short-form entertainment. "Past year we started to invest in more original video content to help seed the ecosystem, and we're planning to do more in 2017", Zuckerberg said.
Although Facebook plans to help finance some of that content initially, it ultimately plans to compensate content creators with a share of advertising revenue, Mr. Zuckerberg said. Pacific. But it's likely that video ads played a role in the surprise upside as well as mobile ads.
In the future, Facebook hopes to develop the use of Facebook Live, its live video broadcasting tool.
Sandberg told analysts the last quarter, "political spending even within the U.S. alone was not a top-10 vertical for us".
"In the past, we've taken steps to reduce spam and clickbait, and now we're approaching misinformation and hoaxes the same way". We expect that Facebook will continue to account for a larger share of the rapidly growing digital ad market going forward, as its product offerings have become highly popular with businesses of all sizes.