Facebook‘s stock is soaring after the world’s biggest social network posted higher revenue from mobile ads and delivered a healthy second-quarter profit that reverses a loss a year ago.
Facebook Inc. said Wednesday that it earned $333 million, or 13 cents per share, in the April-June period. That’s up from a loss of $157 million, or 8 cents per share, a year ago. Adjusted earnings were $488 million, or 19 cents per share, above the 14 cents that analysts were expecting.
Revenue grew 53% to $1.81 billion from $1.18 billion. FactSet says analysts were expecting revenue of $1.62 billion.
Mobile revenue was $655.6 million, or 41% of the quarter’s advertising revenue of $1.6 billion.
Facebook’ stock is up 16 per cent at $30.76 in extended trading.
