Mark Zuckerberg’s net worth has increased by $3.7 billion to a net $16.1 billion as Facebook shares have rose due to recent earnings.
Forbes magazine reported on Zuckerberg’s earnings after Facebook shares closed a $34.36--the highest its been in more than a year.
Zuckerberg, 29, was worth $13.3 billion in March, the publication said.
Facebook co-founder Dustin Moskovitz also saw a surge in his net worth, Forbes added, with the young billionaire amassing a total of $4.5 billion
“We had a lot of progress in the last three months on growing our community engagement, releasing a successful major product and generating strong financial results,” Zuckerberg said Wednesday.
The boost in Facebook’s earnings was in part due to the company’s 76 percent increase in mobile ad revenue, which netted $656 million, according to Time magazine. The firm said that 41 percent of its overall revenue came from mobile devices.
David Kirkpatrick, author of “The Facebook Effect,” told Bloomberg News that Facebook has “really done a 180-degree shift toward mobile, even if it was somewhat belatedly.”
“It’s pretty healthy on both the top and bottom line,” R.W. Baird analyst Colin Sebastian told Reuters this week. “We’re seeing accelerating growth, particularly in mobile. That’s important because it confirms that advertisers are spending more, allocating more budget to Facebook. The ads seem to be working.”
And Facebook now has 1.15 billion users, with 700 million logging on on a day-to-day basis.
“The work we’ve done to make mobile the best Facebook experience is showing good results and provides us with a solid foundation for the future,” Zuckerberg said.
Friends Read Free