Facebook Earnings Exceed Expectations
Facebook reported earnings of $2 billion or 1.5 billion pounds in the second quarter of the year, up from $719 million in the same period last year.
Analysts had expected revenue of $5.8 billion, but the social media giant has surpassed even those high forecasts, posting $6.4 billion in revenue. Revenue has surged in all geographic zones, rising in Asia and Europe at 19% and 21% respectively.
Mobile advertising, which has been highly advocated by Facebook to businesses, composed 84% of Facebook's advertising revenue in the second quarter rising from 76% last year. The firm profited from an inflow of advertising money being redirected from television towards digital platforms. Facebook's number of monthly-active-users, an important gauge for advertisers, jumped by 15% to 1.71 billion as of the end of June 2016.
Shares of the company jumped 7% in after-hours trading.
News are provided byInstaForex.