Facebook Surpasses 1 Billion Monthly Users (Update 1)

Updated from 9:04 a.m. EST to provide analyst comments regarding the milestone in the seventh paragraph.

NEW YORK (TheStreet) -- Even though some question the usefulness of social media, that's not stopping people from joining. Facebook (FB) announced it has reached the 1 billion people milestone.

On Facebook's blog, CEO Mark Zuckerberg wrote that he was proud of the achievement, and wants to see more:

"This morning, there are more than one billion people using Facebook actively each month.

If you're reading this: thank you for giving me and my little team the honor of serving you.

Helping a billion people connect is amazing, humbling and by far the thing I am most proud of in my life.

I am committed to working every day to make Facebook better for you, and hopefully together one day we will be able to connect the rest of the world too.

Facebook noted the top five countries for users are Brazil, India, Indonesia, Mexico, and the U.S. Topeka Capital Markets analyst Victor Anthony was surprised that the U.S. was included, as it "...partially refutes a bear thesis that growth has reached a saturation point in the mature markets. The 1b user mark is also significant in that Facebook is reporting this figure even while cleaning up the user base for fake or duplicate accounts." Anthony rated Facebook shares buy with a $36 price target.

Despite the problems with the IPO, the share price and concerns over whether Zuckerberg is fit for the job, users are signing up for the world's largest social network.

The company also posted a fact sheet on the blog, detailing some of the more interesting metrics about its 1 billion users, which the company hit Sept 14 at 12:45 p.m. PST.

Since February 2009, the company has seen over 1.13 trillion 'likes," which some believes is the company's most important stat, and could drive significant revenue over the longer-term. There were over 140 billion friend connections and 219 billion photos uploaded as of Sept. 10, when the data was pulled.

Included in the 1 billion users is 600 million mobile users, which the company has said it is focusing its future on. At a recent tech conference, CEO Zuckerberg said the company will ultimately be judged by how well they do on mobile. He noted six months ago the company did not run a single ad on mobile.

"People are underestimating how fundamentally good mobile is for us," Zuckerberg said during the presentation.

Facebook shares were falling Thursday, losing 1.52% to $21.50.

Interested in more on Facebook? See TheStreet Ratings' report card for this stock.

--Written by Chris Ciaccia in New York

>Contact by Email.

Follow @Commodity_Bull