Facebook today revealed on its Q3 earnings call that it surpassed $10 billion in quarterly revenue. The Menlo Park, CA-based company generated $10.33 billion in revenue during its third quarter, compared to $7 billion during the same quarter last year. The company’s net income for the quarter increased to $4.7 billion, compared to $2.4 billion a year ago.
Advertising revenues continue to be responsible for nearly 98 percent of company revenues. Mobile advertising revenues, in particular, represent 88 percent of overall advertising revenue for the third quarter, up from 84 percent last year.
VR and AR Will Be Prioritized in 2018
In keeping with the recent announcements at Oculus Connect 4, Facebook CFO Dave Wehner said during the earnings call that capital expenditures in 2018 are forecasted to double from $7 billion to $14 billon. Coincidentally, Wehner called out virtual and augmented reality as one of three factors driving up costs.
Facebook's “payments and other fees segment” had its first sequential growth in the last 6 quarters. This may be the best indication yet that the company’s Oculus VR headset is finally seeing some growing sales.