Facebook Reports Earnings

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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