Facebook advertising revenue jumped 26% in Q1 2019 year-on-year to $14.9 billion, up from $11.8 billion the previous year, according to its latest earnings report.
The rise in revenue represents a slight dip from 38% in Q4 2018, which suggests that the market is maturing.
Average revenue per use increased 16% to $6.42.
Mobile ad revenue, which now makes up the bulk of Facebook advertising (93%), increased 30% to $13.9 billion, highlighting continued commitment from advertisers to the social media platform despite growing competition from Amazon and other players.
At the same time, it appears that more advertisers are embracing the Stories ad format. Stories Ads reached 3 million users on Facebook, Instagram and Messenger, according to the company’s latest statement.
Overall, top 100 advertisers made up just under 20% of its total revenue, which demonstrates just how diverse the social network’s ad client base has become.
“Facebook continues to prove itself as an indispensable part of the marketing mix,” said Aaron Goldman, CMO at 4C Insights. “It provides a breadth of reach and depth of targeting that’s hard to replicate on other platforms. With Instagram continuing to orient more around commerce, the app is poised to contribute even bigger growth. Meanwhile, Messenger and WhatsApp are waiting in the wings as Stories adoption increases and the format becomes a standard advertising opportunity across the Facebook family of apps.”
“Overall, Facebook is positioned well for video ad budget allocation as brands look to drive efficiency across channels. To that end, advertisers using Scope by 4C increased their video ad spend on Facebook in Q1 of 2019 by more than 30% year-over-year.”
The company also reported that its user base had grown 85 to 2.38 billion monthly users in Q1 2019, beating estimates of 2.37 billion.