Facebook has put to rest any lingering doubts about its ability to transform its business into a mobile-advertising juggernaut, the Wall Street Journal reports.
Thursday NZ time, the social network reported that profit more than doubled and revenue topped estimates for the ninth straight quarter.
About 62% of Facebook's ad revenue now comes from advertising on mobile devices, which this year is expected to eclipse newspapers, magazines and radio in the US for the first time, according to eMarketer.
Facebook also continued to show it can weather concerns that it is losing its "cool" factor among teens or irking users worried about privacy. Facebook added another 40 million users in the second quarter, with one-fifth of the world's population now logging into the social network at least once a month, the Journal reports.
"This is a good quarter for us," said Facebook chief executive Mark Zuckerberg on a conference call with analysts Wednesday, but "there's still so much room to grow," he said.
Facebook reported that profit more than doubled and revenue topped estimates for the ninth straight quarter. Endpoint Technologies founder and president Roger Kay joins Simon Constable on the News Hub with analysis.
Revenue rose 61% to $US2.91 billion in the second quarter, generating a profit of $US791 million, up from $US333 million a year ago.
The results sent Facebook's stock [NAS:FB] to an all-time high in after-hours trading, rising 3.7% to $US75. That is nearly double Facebook's IPO price of $US38.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Marlborough-based wine company lists on the NXT despite OIO hiccup
- Five-star hotel opens in Wellington tomorrow as convention centre approved
- Shippers prefer Firth of Thames over Manukau to replace Auckland port
- Auckland port move: Easy sell but difficult roadblocks to overcome
- Walls’ Street: Bond prices down, oil prices up
Most listened to
- Marlborough Wine Estates CEO Catherine Ma explains why the Chinese-owned company listed on the NXT
- National list MP Chris Bishop says Phil Twyford's accusation the government has made housing a 'race issue' is hypocritical
- Bond prices have fallen while oil prices have risen - Jason Walls explains why on Walls' Street
- NBR technology editor Chris Keall on hitting 4000 member subscribers
- In his Editor's Insight Nevil Gibson on the future of health information technology and medical devices industry