Facebook Q2 revenue grows 53 percent

By Alexei Oreskovic

REUTERS - Facebook Inc's revenue in the second quarter increased 53 percent, surpassing Wall Street targets, as the Internet company continued to grow its mobile ads business.

Shares of Facebook jumped 17 percent to $30.59 in after hours trading on Wednesday.

The world's No.1 online social network said it earned $333 million in net income, or 13 cents a share, versus a net loss of $157 million, or 8 cents a share, in the year ago period.

Excluding certain items, Facebook said it earned 19 cents a share.

Facebook's $1.813 billion in second-quarter revenue was above the average analyst expectation of $1.618 billion, according to Thomson Reuters I/B/E/S. Facebook had $1.184 billion in revenue in the year ago period.

 

The company said that mobile ads accounted for roughly 41 percent of its total ad revenue in the second quarter, up from 30 percent in the first quarter of the year.

(Reporting by Alexei Oreskovic; Editing by Phil Berlowitz)