Hello, Quartz Index readers!
When Facebook reported its earnings this week (July 27), it revealed that more than a billion people—out of 1.71 billion monthly active users—now check the social network from their mobile devices every single day:
This milestone is all the more remarkable considering the state of Facebook’s mobile business four years ago. Back in 2012, analysts had highlighted mobile as the company’s major weakness. Since then, Facebook’s grown mobile revenue from zero to $17 billion a year and it now comprises 84% of all advertising revenue.
With persistence, strategic acquisitions, and internal development, Facebook has built a portfolio of mega hits like chat apps WhatsApp and Messenger, both of which have more than 1 billion users, and Instagram, which has more than 500 million users.
While Facebook’s mobile strategy is paying off, all fast-growing companies face the inevitable: a slowdown in growth. Facebook is already looking ahead to what it believes will be the next big thing, hinging its future on Oculus and virtual reality.
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