Facebook has another reason to celebrate this year: the world’s largest social network has made it into the Fortune 500 list.
The social networking company only needed nearly nine years after launch to break through the illustrious list of U.S. companies.
Excluding spun-off companies, Facebook is the fastest company in history to enter the Fortune 500 list after it went public.
The previous titleholder was Google, as it made the list 16 months after its initial public offering.
Facebook needed only eight months of the last fiscal year to climb up into the Fortune 500 list after its IPO last year. The social network ranked 482 on this year’s list, a large leap from 598 last year.
The Fortune 500 list, an annual ranking of the country’s most valuable companies, started in 1955. It uses the total revenue during the fiscal year ending January 31 for companies based in the United States.
On this year’s Fortune 500 list, the social network earned $5.1 billion in revenues.
The latest fiscal report from Facebook revealed that its mobile ads revenue accounted for 30 percent, or about $375 million, of the company’s total ads revenue during the first quarter of 2013.
Josh Williams, product manager at Facebook, recently uncovered at the SXSW conference the company’s ramped up efforts to focus on mobile development.
During the company’s quarterly financial report for the period ending December last year, Facebook CEO and co-founder Mark Zuckerberg said mobile revenue accounted for about 23 percent of total ad revenue.
The total fourth quarter ads revenue of Facebook last year was 1.6 billion dollars. This is $500 million higher than last year’s figures. And it exceeded the expectations and estimates of analysts.
At the latest earnings call held at the Facebook headquarters, the social network reported more than 1.11 monthly active users on the platform for the quarter ending March 2013.
The company’s latest SEC filing revealed that Zuckerberg will earn only $1 this year, with waived bonuses, although he will receive 60 million stock options come November 15, 2015.
The chief executive officer and co-founder of Facebook joins a roster of CEOs in the $1 salary club.
Zuckerberg seems intent to give Facebook’s lower-ranking employees higher salaries despite the company’s record-breaking year in terms of revenues.
Companies in the tech industry that made it into this year’s Fortune 500 list include Apple (#6), Hewlett-Packard (#15), IBM (#20), Microsoft (#35), Amazon (#49) and Google (#55).