The coronavirus pandemic turned out to be a real challenge for various businesses. Yet social media seem to be an exception. The financial report of one of the largest social networks proves that they are doing really well. Thus, Facebook’s profit has been steadily rising despite the turmoil in the global economy. In the fourth quarter of 2020, the company’s earnings came in at $28.072 billion which is 33% up from a year earlier. On a yearly basis, the social network's revenue grew by 22% to $85.965 billion. This is definitely something to be proud of. "We had a strong quarter as people and businesses continue to rely on our services to stay connected and create economic opportunity during these tough times," Facebook founder and CEO Mark Zuckerberg said. He noted that the company benefited from surging demand for online commerce during the pandemic restrictions. This helped Facebook increase its ad revenue by 31%. Facebook's net income also rose to $11.219 billion in Q4 2020 compared to $7.349 billion a year ago. For the year 2020, the company’s net profit totaled $29.146 billion, while in 2019 it was $18.485 billion. The number of Facebook’s daily active users for the reporting period was 1.84 billion on average, up by 11% year-on-year.
