Thursday, 25 July 2013

Facebook Shares Soar 18 Percent On Strong Mobile Ad Earnings

Shares in Facebook have leapt 18 percent as it beats earnings expectations with stronger than expected mobile ad sales.

The company reported profits of $333m (£217m) in the second quarter.
"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," said founder Mark Zuckerberg in a statement.
Facebook is the world's largest social networking company. According to chief financial officer David Ebersman, 20 billion minutes a day were spent on Facebook in June.
"This quarter marks the end of our first year as a public company and I think we've created a good foundation for the future," said Mr Zuckerberg on a call to discuss the earnings.
Facebook saw $655.6m in revenue from mobile ads in the three months from April to June - more than 41% of the total $1.6bn it made from advertising overall, compared with 30% for the same period last year. The number of mobile users expanded 51% to 819 million.