Facebook Reports Earnings

Facebook shares jumped as much as 5% after the closing bell, as second-quarter earnings came in strong.

Jul 23, 2014 at 4:56PM
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Social network operator Facebook (NASDAQ:FB) just reported results for the second quarter of fiscal year 2014. Facebook beat analyst estimates across the board, and share prices rose nearly 5% in after-hours trading.

Wall Street firms were looking for earnings near $0.32 per share on $2.8 billion in total revenues. Facebook delivered adjusted earnings of $0.42 per share, a 121% jump from the year-ago period's $0.19 per share. Sales increased by 61%, to $2.9 billion.

Both sales and profits enjoyed a slight tailwind from currency exchange effects. For example, revenue would have increased by 59% year over year in constant currencies.

The company reported slightly more than 1 billion monthly mobile users during the quarter, a 31% annual increase. Mobile advertising stood for 62% of Facebook's total ad revenue, up from 41% in the year-ago period.

"We had a good second quarter," said Facebook CEO Mark Zuckerberg in prepared remarks. "Our community has continued to grow, and we see a lot of opportunity ahead as we connect the rest of the world."

Heading into this report, Facebook shares had gained 16% during the previous three months, including a 3% rise in the regular Wednesday session.

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Anders Bylund has no position in any stocks mentioned. The Motley Fool recommends Apple and Facebook, and owns shares of both stocks. Try any of our Foolish newsletter services free for 30 days.

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