Facebook UK notched up £1.1bn in sales last year
Facebook UK reported a staggering £1.1bn in sales last year and boasted of further growth as it increased its headcount.
Revenues rose 28 per cent in 2019 from £797m to £1.1bn, of which the vast majority came from sales support, marketing services and engineering support services.
The social media platform also said its advertiser reseller revenue grew from £68m in 2018 to £77.5m.
Facebook acts as a reseller of advertising services to designated UK customer – its revenues consist primarily of advertising revenues generated by displaying ad products on FB, Instagram, Messenger and third-party affiliated websites.
Despite this record growth the social media platform paid just £28.5m in corporation, reporting £87m in profit after tax for the year.
The company spent £336.8m on wages and salaries, up from £230.2m the year previous, after it increased its headcount by 38 per cent.
Facebook UK has grown from 1,965 employees to 2,710 in 2019, according to today’s filings.
Facebook said its operations had experienced “limited disruption and has remained engaged in performing its principal activities.”
“As the scale and duration of these developments remain uncertain, it is difficult to quantify the financial impact of the evolving situation.”
Facebook’s US division reported better-than-expected revenue for the third quarter as higher user numbers during the pandemic helped drive up revenue.
The social media platform posted revenue of $21.5bn (£16.6bn) in the three-month period, up from $17.7bn last year. Net income rose from $6.1bn to $7.8bn.