Mark Zuckerberg says the company wants to make sure "people's time is well spent"

Facebook's boss has admitted the last year has been "hard", as the company revealed users spending less time on the site.

The social media giant is going through an overhaul, trying to show fewer viral videos and more content from our family and friends instead.

It has lost around 50 million hours a day of user time as a result.

Despite that, the firm reported a 47% increase in revenue for last year - although again repeated a warning that ongoing investments are expected to 'significantly impact our profitability'.

In a lengthy post, CEO Mark Zuckerberg reiterated that the company wants to emphasise 'meaningful interactions' on the platform.

He argued: "The most important driver of our business has never been time spent by itself.

"It's the quality of the conversations and connections. That's why I believe this focus on meaningful social interactions is the right one."

He added: "We made changes that reduced time spent on Facebook by an estimated 50 million hours every day to make sure people's time is well spent. That's how serious we are about this."