Facebook India’s revenue soars nearly double in 2017

Facebook India has managed to double its revenue for the year 2017, however, the company’s profit growth slowed due to higher expenses.

The filings with the Registrar of Companies shows that Facebook India Online Services Pvt. Ltd posted a 93% jump in revenue for 2016-17 to Rs 341.8 crore from Rs 177 crore in 2015-16. Net profit rose to Rs 40.7 crore from Rs 31 crore.

In 2015-16, the company’s revenue had grown 43% from Rs 123 crore in 2014-15, while profit had expanded at a far faster pace of 94% from the year-earlier number of Rs 16 crore.

According to reports, the slowdown in profit growth is a result of higher expenses as the company’s total expenditure nearly doubled to Rs 285.5 crore from Rs 147.5 crore.

“The staff costs rose 73% to Rs 89.6 crore, whereas, the promotional expenses soared to Rs 42 crore from Rs 17 crore. The legal expenses also increased from Rs 18.7 crore to 42.5 crore,” the reports added.

India is the second largest market for Facebook after the US with around 217 million monthly active users.