Facebook Records Boffo Q2 Earnings; Mobile Ads Paying Off
Facebook revenue grew an impressive 53 percent to $1.8 billion, year over year.Facebook is beginning to reach its financial stride, reporting much-improved second-quarter revenue and profit July 24 and soundly out-flanking Wall Street analysts' projections. The Menlo Park, Calif.-based social network recorded profit for the last three months of $333 million, or 13 cents per share. Revenue grew an impressive 53 percent to $1.8 billion, year over year. Wall Street analysts polled by Thomson Reuters believed the company would report earnings of 14 cents a share on revenues of $1.62 billion. The news boosted the stock price up 17 percent in after-hours trading to $30.95, finally surpassing its IPO start price of $30. The stock had closed at $26.51.
On the earnings call, the company said 699 million people visit the Website each day, that 469 million users visit its mobile app. Overall, some 1.15 billion people globally visit each month; 819 million of those are on mobile devices, Facebook said.