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    Facebook Records Boffo Q2 Earnings; Mobile Ads Paying Off

    By
    Chris Preimesberger
    -
    July 25, 2013
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      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.

      The bottom line here is that Facebook’s mobile advertising strategy–long a point of contention with shareholders–is now showing up as gains on the bottom line. Mobile ad revenue is rising fast; of Facebook’s total advertising revenue, 41 percent came from mobile–up 11 percent from the previous quarter.

      The company also has had a busy half-year with new products, launching both its Graph Search and Facebook Home app for Android devices.

      “We’ve made good progress growing our community, deepening engagement and delivering strong financial results, especially on mobile,” Facebook founder and CEO Mark Zuckerberg said in a statement.

      “The work we’ve done to make mobile the best Facebook experience is showing good results and provides us with a solid foundation for the future.”

      Avatar
      Chris Preimesberger
      https://www.eweek.com/author/cpreimesberger/
      Chris J. Preimesberger is Editor-in-Chief of eWEEK and responsible for all the publication's coverage. In his 16 years and more than 5,000 articles at eWEEK, he has distinguished himself in reporting and analysis of the business use of new-gen IT in a variety of sectors, including cloud computing, data center systems, storage, edge systems, security and others. In February 2017 and September 2018, Chris was named among the 250 most influential business journalists in the world (https://richtopia.com/inspirational-people/top-250-business-journalists/) by Richtopia, a UK research firm that used analytics to compile the ranking. He has won several national and regional awards for his work, including a 2011 Folio Award for a profile (https://www.eweek.com/cloud/marc-benioff-trend-seer-and-business-socialist/) of Salesforce founder/CEO Marc Benioff--the only time he has entered the competition. Previously, Chris was a founding editor of both IT Manager's Journal and DevX.com and was managing editor of Software Development magazine. He has been a stringer for the Associated Press since 1983 and resides in Silicon Valley.

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