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Facebook makes investors smile with doubled fourth quarter profits

Facebook makes investors smile with doubled fourth quarter profits
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Social media giant Facebook has bucked the trend of underwhelming tech results of Apple and eBay and more than doubled its profits in the fourth quarter of 2015.

Total revenue rose to $5.84 billion from $3.85 billion a year earlier, as it sold more ads targeted at mobile users, smashing investor expectations.

Apart from focusing on mobile, Facebook has been ramping up spending on what it calls “big bets,” including virtual reality, artificial intelligence and drones to connect the remotest parts of the world to the Internet.

Chief Executive Mark Zuckerberg, who returned from two months of paternity leave on Monday, has said virtual reality represents the next major computing platform.

The company has also begun realising some of its other assets , such as photo-sharing app Instagram, which surpassed 400 million users last year and began selling ads in September.

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