Mark Zuckerberg has a plan to get you to spend more time on Facebook

The social network is eyeing growth in one key area...

Mark Zuckerberg has a plan to get you to spend more time on Facebook

Ben Margot / AP

Mark Zuckerberg says that Facebook will continue to put video first as the social network grows.

Its daily active users grew to 1.18 billion on average for September 2016, an increase of 17% year-on-year.

Facebook reported higher-than-expected quarterly revenue growth, earning $7.01bn.

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Its profit rose to almost $2.38bn - that's a 16% increase on last quarter.

Facebook reports that mobile advertising revenue represented approximately 84% of advertising revenue for the third quarter of 2016, up from approximately 78% of advertising revenue in the third quarter of 2015.

However, the company's shares dipped by 7% as it warned that revenue growth will slow in the coming months.

Chief Financial Officer Dave Wehner warned that advertising growth will "come down meaningfully."

"We're making progress putting video first across our apps and executing our 10 year technology roadmap," CEO Mark Zuckerberg said, looking forward.

Facebook plans to continue to add new users and to increase the amount of time that users spend on the site and in its app.

It believes that videos uploaded straight to Facebook are the key to increasing users' time on its platforms. It is also rolling out a new Snapchat-style 'camera' feature.

The company is making massive gains in this area as it tries to surpass YouTube and to become users' 'go-to' destination for online video.