Facebook 2Q results fly past expectations

Driven by mobile ad revenue, Facebook posts 2nd-quarter profit, sharply higher revenue

Associated Press

SAN FRANCISCO (AP) -- 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 percent 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 percent of the quarter's advertising revenue of $1.6 billion.

Facebook' stock is up 16 percent at $30.76 in extended trading.

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