Facebook shares are up 16 percent in after-hours trading as the company reported strong revenue and earnings growth today.
Facebook had been trading at around $26/share all day, but jumped to to almost $31 within minutes of the news:
Facebook reported $1.81 billion of revenue, while analysts were expecting only $1.62 billion, proof that its many advertising initiatives over the past year are starting to gain traction. That’s significantly up from the company’s $1.2 billion in the year-ago quarter.
“We’ve made good progress growing our community, deepening engagement and delivering strong financial results, especially on mobile,” said Mark Zuckerberg, Facebook founder and CEO. ”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.”
In addition, Facebook said profit increased to $333 million this past quarter, up from a loss of $157 million a year ago. Those are GAAP numbers (generally accepted accounting standards); the non-GAAP profit number is an even-healthier $488 million.
Filed under: Business
John Koetsier 25 Jul, 2013
enclosure: http://venturebeat.files.wordpress.com/2013/06/origin_4774020533.png?w=160
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Source: http://venturebeat.com/2013/07/24/facebook-shares-pop-16-on-strong-revenue-and-earnings-news/
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