Check out this graph of monthly active users: https://techcrunch.com/2017/07/26/facebook-earnings-q2-2017/ https://techcrunch.com/2017/07/26/facebook-earnings-q

Check out this graph of monthly active users: https://techcrunch.com/2017/07/26/facebook-earnings-q2-2017/ https://techcrunch.com/2017/07/26/facebook-earnings-q2-2017/ Over the past two years, the number of users has grown by around 30%. Rich areas like US and Europe have only grown 13%. So if revenue per user was static then I would expect Facebook's total revenue growth to be around 20%. Instead revenue has grown more than 100%, which suggests that Facebook is extracting much more $ per user.