Facebook has smashed expectations for its second quarter financial results after seeing substantial increases in mobile advertisements, user growth, and video services, as its main competitor Twitter continues to struggle.
The company’s second quarter net income was a staggering $2.06 billion, compared to just $719 million in 2015, almost a three fold increase. The service also attracted 1.71 billion monthly users as of June 30, up 15% over 2015.
Facebook’s Chief Operating Officer Sheryl Sandberg told Bloomberg News that the site’s introduction of live video was the primary cause of rising user engagement.
“The explosion of video on the platform is great for consumers and is also great for our business,” she said, and that these features are “heavily contributing to their time spent metric.”
Meanwhile Twitter saw a drastic fall in its share price as its revenues were well below the company’s expected revenue target of $678 million.
Commentators even believe that Facebook is now going after Twitter rather than Google as it competes on new services such as Facebook Live for accessing live video.
Both companies are known for their disdain of conservative media, with Twitter refusing to verify the official Breitbart twitter account and permanently banning Breitbart Tech editor Milo Yiannopoulos. Facebook faced a backlash earlier this year for its suppression of conservative media whilst artificially amplifying movements such as Black Lives Matter.