Facebook Payments Continues to Plod Along
Facebook turned in ho-hum payments performance last quarter, even as it was the first quarter with payments wonk David Marcus under employment.
Facebook produced $257 million of payments revenue, a 7% increase on a year-over-year basis. Now, that might look like respectable performance — until you compare it with the social media giant’s advertising revenue, which jumped 53% on a year-over-year basis to nearly $3.9 billion.
What’s more, Facebook continues to falter in an important metric: payments per user. On that basis, Facebook payments per user settled at $0.19, which is a 5% YOY decline. Oh, yeah, total revenue per user increased 31%. This is nothing new; payments has just not been growing much at Facebook in recent quarters.
A reminder: Apple Pay was launched last October and is now available in 652,000 locations in North America. Facebook launched payments in, well, a long time ago.
