Facebook announced Wednesday that it blew past investor estimates in its fourth quarter earnings, jumping to $3.57 billion in profit, mostly due to mobile advertising growth. In total, advertising revenue grew 53%, and 84% of its total advertising revenue growth in Q4 came from mobile. In an interview with TechCrunch, Facebook's Chief Finance Officer David Wehner also said the tech giant added more users in Q4 than any in its history.

By the numbers, via CNBC:

  • $8.81 billion in revenue vs. $8.51 billion expected
  • $1.41 adjusted earnings per share vs. $1.31 adjusted per share expected
  • 1.23 billion Daily active users (DAUs) vs.1.19 billion expected
  • 1.86 billion Monthly active users (MAUs) vs. 1.83 billion expected

What a difference five years makes ....

  • Facebook's mobile ad revenue from Q4 2011: 0%
  • Facebook's mobile ad revenue from Q4 2016: 84%

For investors: Shares elevated to about three percent after the earnings call. Per Yahoo!, Facebook shares rose after seven of its previous 12 earnings announcements, and Facebook's adjusted earnings per share have now topped estimates for the last 13 quarters.

What matters: Heavy advertising growth, particularly on mobile, should help to relax investor concerns over major investments in virtual reality and augmented reality technologies, as well as big acquisitions like WhatsApp. But Facebook warned investors they should still continue to expect ad revenue to "come down meaningfully" in 2017, as the company works through ways to monetize video while newsfeed inventory continues to plateau. Earnings were announced shortly after Facebook lost a $500 million virtual reality headset case against ZeniMax Media Inc. for stolen technology. Mark Zuckerberg asked investors to be patient as the company continues to make large-scale investments in new technologies.

Go deeper

Updated 3 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4 p.m. ET: 19,193,661 — Total deaths: 716,735 — Total recoveries — 11,611,029Map.
  2. U.S.: Total confirmed cases as of 4 p.m. ET: 4,918,927 — Total deaths: 160,737 — Total recoveries: 1,598,624 — Total tests: 59,652,675Map.
  3. Politics: White House recommends Trump issue executive orders on coronavirus aid.
  4. Education: Cuomo says all New York schools can reopen for in-person learning.
  5. Public health: Surgeon general urges flu shots to prevent "double whammy" with coronavirus — Massachusetts pauses reopening after uptick in coronavirus cases
  6. World: Africa records over 1 million coronavirus cases — Gates Foundation puts $150 million behind coronavirus vaccine production.

Trump: "We are going a different way" on coronavirus aid

President Trump. Photo: Jim Watsonn/AFP via Getty Images

President Trump tweeted on Friday that his administration is "going a different way" with coronavirus aid after negotiations with congressional Democrats stalled again, suggesting he will use an executive order to address stimulus spending.

What he's saying: "Pelosi and Schumer only interested in Bailout Money for poorly run Democrat cities and states. Nothing to do with China Virus! Want one trillion dollars. No interest. We are going a different way!" Trump tweeted.

Trump's swift, sweeping China offensive

Illustration: Aïda Amer/Axios

President Trump's rhetoric on China has tended to run hotter than his actions — until now.

Why it matters: Even at the height of Trump's trade war, his administration never hit China as hard, as fast, and on as many fronts as it is right now.