Facebook profits smash estimates

Mobile advertising business grew by 50 per cent in the second quarter

Facebook’s mobile advertising business grew by more than 50 per cent in the second quarter, the company said in its earnings report on Wednesday, as the social network continued to establish itself as the venue of choice for an ever-growing array of online advertisers.

Shares in Facebook, owner of four of the most popular mobile services in the world, rose more than four per cent to about $173 in after-hours trading. Through Wednesday’s close, the stock price had climbed nearly 44 per cent this year.

 

Facebook, which now has more than 2 billion regular users, has been squeezing more ads into