Facebook second quarter revenue increases 61%
San Francisco: Facebook Inc increased its revenue 61 percent in the second quarter, beating Wall Street`s target as the Internet company benefited from strong demand for its mobile advertising business.
Shares of Facebook were up 56 cents at $71.85 in after-hours trading on Wednesday.
Facebook said that mobile advertising revenue represented 62 percent of its ad revenue in the second quarter, up from 41 percent in the year-ago period and 59 percent in the first quarter of 2014.
Overall revenue totaled $2.91 billion in the three months ended June 30, versus $1.81 billion in the year-ago period. Analysts polled by Thomson Reuters I/B/E/S were looking for revenue of $2.81 billion.
The world`s largest Internet social network said it now counted 1.32 billion monthly users.
Facebook posted $791 million in net income, or 30 cents a share, compared with $333 million or 13 cents a share in the second quarter of 2013. Excluding certain items, Facebook said it earned 42 cents a share in the second quarter, surpassing expectations for 32 cents a share.