Business digest: Mobile ad revenue drives Facebook growth

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Posted: Thursday, January 30, 2014 12:00 am | Updated: 11:20 am, Tue Mar 25, 2014.

Facebook’s quarterly earnings and revenue grew and surpassed expectations as the company expanded the number of users and the amount of money it makes on mobile ads. Facebook Inc. earned $523 million, or 20 cents per share, in the October-December quarter. That’s up $64 million, or 3 cents per share, a year earlier. Revenue grew 63 percent to $2.59 billion, from $1.59 billion. For the first time, mobile advertising revenue accounted for more than half of Facebook’s total ad revenue, a sign that the company born in a desktop computer era is succeeding in its goal of being “mobile first.” Facebook, which turns 10 years old next week, had 1.23 billion monthly users worldwide at the end of 2013. Of these, 757 million signed in at least once a day, up 22 percent from a year earlier.

Chrysler and Fiat will be known as Fiat Chrysler Automobiles NV as they move forward as a single company. Fiat’s board agreed on the new name Wednesday, with headquarters for tax purposes in the United Kingdom. The board sidestepped the political issue of whether the true headquarters would be in the United States or Italy. Fiat and Chrysler also announced fourth-quarter and full-year earnings, with Chrysler’s strong profits again propping up its parent company.

Profit at Nintendo Co. fell 30 percent in the first nine months of the fiscal year as sales of Wii U home consoles, 3DS devices and game software languished. The Japanese maker of Super Mario and Pokemon video games reported Wednesday a 10.2 billion yen ($99 million) profit from April to December, down from 14.55 billion yen a year earlier. The popularity of smartphones, tablets and other gadgets has been drawing consumers away from consoles devoted to games. Nintendo has resisted changing its business to incorporate such devices.

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