Facebook has bought ad sales from online advertisers for the first time, boosting sales of more than $1.1 billion in the past year.
Facebook said it spent more than 8.2 billion dollars in ad buys during the year.
The new advertising revenue is the largest in the company’s history, and comes at a time when advertisers are increasingly concerned about the social media platform’s security, privacy and user-friendliness.
Facebook Chief Executive Mark Zuckerberg and other executives will be joined by Facebook’s top executives in a special panel discussion on Wednesday, according to a release from the company.
Facebook CEO Mark Zuckerberg (left) and chief executive officer Sheryl Sandberg (right) attend the 2016 Code Conference in San Francisco, California December 17, 2016.
Facebook has been struggling to rein in its advertising revenues and has been spending more than a billion dollars on acquisitions and other investments in recent years.
It was previously known as an advertising company that is more focused on online ads and social networks than on traditional media platforms like newspapers and magazines.
Earlier this year, Facebook introduced a new ad buying tool that lets advertisers buy ads on Facebook in a matter of seconds, which the company said will help it reduce the number of times it has to buy ads in order to reach potential customers.