Most Facebook revenue comes from US and Europe where user growth is basically zero. The 8% user growth is driven by poorer countries like India and Indonesia, s

Most Facebook revenue comes from US and Europe where user growth is basically zero. The 8% user growth is driven by poorer countries like India and Indonesia, so the contribution of user growth to revenue would be much less - I'd say around 4%. Also much of the increase in online ad spend comes because of the improved monetisation of online ads. If Facebook had just sat on their hands, I'd estimate that their revenue would have grown 4% due to user growth, 3% due to growth in average user income, and 5% due to increase in average screen time. That's a 12% tailwind. Facebook's actual revenue grew 26% so it's reasonable to say that around 14% of that was due to Facebook improving their ability to match users with advertisers. (Disclaimer: I own FB shares)