Facebook continues to grow at a rapid rate

Facebook (FB) needs no introduction. Facebook along with other social media companies like Twitter (TWTR), LinkedIn (LNKD), and Tencent’s (TCEHY) WeChat have become an integral part of our daily life.

On one hand, Facebook enables people to connect with others and on the other it’s an important tool for companies. Advertisers get unmatched opportunities for consumer engagement, which helps them to evolve and stay relevant with ever-changing consumer taste and preference patterns.

As of March 31, 2016, Facebook had 1.1 billion daily active users on average and 989 million mobile daily active users on average. Approximately 84.2% of the company’s daily active users were outside the US and Canada (EWC).

Abundant growth engines

Facebook is known for its bold moves. The company’s multi-billion dollar acquisitions, which were once criticized, have proven to be prudent. Through strategic acquisitions, Facebook commands a formidable portfolio of other platforms, which bolstered its growth.

Facebook has many growth engines. Instagram, WhatsApp, Oculus, and Messenger all fortify the company’s position in the mobile space and are expected to be the future growth drivers considering the advertisers’ mix toward mobile.

A brief history

Headquartered in Menlo Park, California, Facebook’s story dates back to February 2004 when Mark Zuckerberg along with co-founders Dustin Moskovitz, Chris Hughes, and Eduardo Saverin launched the website “thefacebook.” Initially, the founders limited the website’s membership to Harvard students, but they later expanded it to colleges in the Boston area, the Ivy League, and Stanford University. Facebook gradually added support for students at various other universities before it opened to high school students and eventually to anyone aged 13 and over.