Facebook well on its way to 1 billion monthly active users
It's only April, but 2012 looks to be Facebook's biggest year yet.
The company's latest filing with the Security and Exchange Commission (SEC) has revealed that although profits have dropped from US$233 million to $205 million, revenues are now up an impressive $731 million from last year.
The report also uncovered that a combination of $300 million in cash and 23 million shares of stock was how the social network managed to acquire Instagram for US$1 billion earlier this month.
To top this off, Facebook now has 901 million monthly active users and there are 125 billion friendships.
And for those that use Facebook for social media marketing, here is some good news – the site generates 3.2 billion likes and comments per day and 300 million photos are uploaded every 24 hours.
"Advertisers can engage with more than 900 million monthly active users (MAUS) on Facebook or subsets of our users based on information they have chosen to share with us such as their age, location, gender, or interests," Facebook said in the SEC report, released yesterday (April 23).
With the social network going from strength to strength, it's not hard to understand why Google co-founder Sergey Brin expressed concern at its rapid growth earlier this month.
Mr Brin is worried that Facebook is gaining too much control over the 'free web' – a claim that might have some weight, considering just yesterday the company announced plans to buy a $550 million portion of the patent portfolio Microsoft recently bought from AOL.
This means that Facebook will now own 650 AOL patents and patent applications – and will have access to any more that Microsoft own or buy.
Facebook's general counsel Ted Ullyot stated: "This is another significant step in our ongoing process of building an intellectual property portfolio to protect Facebook's interests over the long term."
It's expected that the site will reach one billion monthly active users before the end of the year.
Posted by Jess O'Connor