Facebook smashes earnings with £5.7bn revenue

Facebook out-performed analyst predictions as the social network reported more than seven billion dollars (£5.7bn) in revenue in its quarterly financial results.

That figure was up 56% on the same period last year and higher than the 6.92 billion (£5.6bn) predicted by analysts.

The Mark Zuckerberg-founded site also saw net income rise from 896 million dollars (£728m) in 2015 to 2.4 billion dollars (£1.9bn) in the last quarter.

The number of people using Facebook also continues to rise, with monthly active users of the site climbing 16% on last year to 1.79 billion, with 1.18 billion visiting the social network daily.

Use of the sites mobile apps was up too, with over a billion people now using Facebook on mobile every day, while 1.66 billion people check Facebook on a mobile device each month.

"We had another good quarter," Mr Zuckerberg said.

"We're making progress putting video first across our apps and executing our 10-year technology roadmap."

Facebook introduced Facebook Live, their live broadcasting video service where any user can stream directly onto the site earlier this year.

The social network's latest results are in stark contrast to those of rival Twitter, who in their own financial report last week revealed a loss of £83 million, as well as plans to cut 9% of its global workforce.