Facebook has posted record fourth quarterly revenues thanks to an “ongoing shift towards online commerce”.
The social media giant saw revenues jump 33 per cent over its previous quarter to $28.1 billion, comfortably beating analysts’ expectations of $26.4 billion.
Its net income also rose 53 per cent to $11.2 billion, while its monthly active user base grew 12 per cent year-on-year 2.8 billion.
Facebook’s chief financial officer David Wehner attributed this growth to “the shift in consumer demand towards products and away from services”.
It comes as Facebook and its stable of brands including WhatsApp and Snap make continual inroads into the ecommerce sector, seeking to transform the platforms into integrated online shopping sites.
In August Facebook announced that it was launching a ‘Facebook Shop’ tab within its main app alongside a range of other ecommerce features.
Similar to Instagram’s recently launched ‘Shop’ section the new functionality provides users with a destination, separate from Facebook’s peer-to-peer Marketplace platform, where they can browse and purchase goods from various businesses in-app.