So here’s your dinner party statistic for the weekend: Facebook is on course to rake in nearly as much revenue as the entire island of Bahrain will generate in goods and services this year.
The social media network is likely to tot up $27 billion (Dh99.1 billion) by the end of 2016, after third-quarter revenue soared 56 per cent to $7 billion, largely on the back of those horrible advertisements that clutter up your news feed. Third-quarter profit was $2.38 billion.
However, the network doesn’t expect advertising to continue powering its growth. Chief Financial Officer Dave Wehner told analysts that advertising growth is likely to “come down meaningfully”, the Wall Street Journal reported.
That might be good news for other social networks, but Facebook will work to consolidate its lead. Wehner said 2017 would be a year of aggressive investment with a substantial increase in expenses, Reuters reported.
Facebook now wants to grow user numbers and increase the amount of time we spend on its platform – as if we don’t already spend all our non-work hours on it. (So that explains its Workplace by Facebook app!)
The news comes after Google parent Alphabet also reported strong earnings last week.
And what about Bahrain? The International Monetary Fund expects it will clock $31.8 billion in gross domestic product (GDP) this year. But a new app has yet to help a nation increase GDP growth by over 50 per cent. We made the comparison in an attempt to understand the numbers.