Thursday 17 April 2014

Facebook shares up as revenue grows

Facebook's stock was up 16 per cent in extended trading

Facebook's stock has soared 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 said that it earned 333 million US dollars (£217 million) in the April-June period. That is up from a loss of 157 million US dollars (£102 million) a year ago.

Adjusted earnings were 488 million US dollars (£318 million), above what analysts were expecting.

Revenue grew 53% to 1.81 billion US dollars (£1.1 billion) from 1.18 billion US dollars (£770 million).

Mobile revenue was 655.6 million US dollars (£428 million), or 41% of the quarter's advertising revenue of 1.6 billion US dollars (£1.04 billion).

Facebook's stock was up 16% in extended trading.

Press Association

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