The social network performed better than expected on both revenue and earnings per share, and closed the quarter with 1.15 billion monthly active users. July 24, 2013 1:13 PM PDT The Facebook icon flag at the social network's Menlo Park campus. (Credit: Facebook) Facebook reported second-quarter 2013 adjusted earnings of 19 cents per share on revenue of $1.81 billion. The report handily beat Wall Street expectations of earnings of 14 cents per share on total revenue of $1.62 billion, and the social network's stock in spiking in after-hours trading. "We've made good progress growing our community, deepening engagement and delivering strong financial results, especially on mobile," CEO Mark Zuckerberg said in a statement. "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." Anticipation leading into Facebook's Wednesday report was focused on mobile as the protagonist that would save the social network's advertising business from flat or negative growth in desktop revenue. Analysts and investors have also been curious to see if Facebook can continue to grow its user base and keep people coming back on a consistent basis. Last quarter, Facebook's ratio of daily active users to monthly active users was 59 percent, a record high that quelled concerns around people losing interest in the social network. Facebook closed Wednesday around 1.5 percent at $26.51 per share. Shares are rapidly picking up steam in after-hours trading. This story is developing. Refresh for updates.
The social network performed better than expected on both revenue and earnings per share, and closed the quarter with 1.15 billion monthly active users.
The Facebook icon flag at the social network's Menlo Park campus.
(Credit: Facebook)
Facebook reported second-quarter 2013 adjusted earnings of 19 cents per share on revenue of $1.81 billion. The report handily beat Wall Street expectations of earnings of 14 cents per share on total revenue of $1.62 billion, and the social network's stock in spiking in after-hours trading.
"We've made good progress growing our community, deepening engagement and delivering strong financial results, especially on mobile," CEO Mark Zuckerberg said in a statement. "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."
Anticipation leading into Facebook's Wednesday report was focused on mobile as the protagonist that would save the social network's advertising business from flat or negative growth in desktop revenue. Analysts and investors have also been curious to see if Facebook can continue to grow its user base and keep people coming back on a consistent basis. Last quarter, Facebook's ratio of daily active users to monthly active users was 59 percent, a record high that quelled concerns around people losing interest in the social network.
Facebook closed Wednesday around 1.5 percent at $26.51 per share. Shares are rapidly picking up steam in after-hours trading.
This story is developing. Refresh for updates.
