Something is going very right at the world’s social network. At least according to Wall Street.
After popping 19 percent last night in after-hours trading, Facebook shares are up 25 percent today to over $33, as the stock is flirting with levels not seen since its botched IPO over a year ago. The stock briefly hit $34.90 before subsiding.
The company reported strong revenue and earnings growth yesterday, and has shown that it can control costs while still accelerating revenue.
Facebook’s payments revenue jumped 11 percent this year, and brought in $1.6 billion of advertising revenue, up 61 percent from the year-ago quarter. And, interesting, mobile — not so long ago a Facebook achilles heel — was 41 percent of total ad revenue, which CEO Mark Zuckerberg said would increase to over half of Facebook revenue.
Facebook revenue, Q2 2013
Wall Street, clearly, likes those numbers.
And Facebook continues to grow members and usage, with 699 million people using Facebook on any average day in June, while 1.15 billion people accessed the social network at least once during the month. That’s up 21 percent since last year. As you would expect for a company with 41 percent of its revenue on mobile, Facebook said that 819 million Facebook users accessed its services at least once from mobile platforms in June — up 51 percent.
And time spent on the site continues to increase, the company said, to over 20 billion minutes per day.
Interestingly, Facebook also said that teens are increasingly using the site. There’s been some talk of migration away from Facebook — where parents and teachers connect, after all — to emerging platforms such as Snapchat in the younger demographics, but Facebook said that over the past 18 months, the number of teenagers on the site has been “steady or increasing.”
Filed under: Business, Media, Mobile, Social
John Koetsier 25 Jul, 2013
enclosure: http://venturebeat.files.wordpress.com/2013/05/large_8560602591.jpg?w=160
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Source: http://venturebeat.com/2013/07/25/facebook-stock-jumps-to-year-long-high-almost-back-to-ipo-levels/
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