Facebook Profits Exceed the Prediction

Facebook surprised the Wall Street with a profit that was higher than prediction for the second quarter, since a sharp increase in revenue, prompting its stock price surged 16 percent after trading hours.

“The work we do to make the best for Facebook mobile show a good result and it gives us a strong foundation for the future,” said Facebook Chief Mark Zuckerberg’s social network when it reported a profit of US $329 million to its shareholders.

Revenue for the quarter that ended June 30 increased to US $1.81 billion, up 53 percent from the same period a year earlier. Profit of US $331 million compared with a loss of US $157 million in the California-based company it was on the same quarter last year.

“We have made our community advances growth is good, deep involvement and provide strong financial results, especially on mobile services,” said Zuckerberg.

Facebook’s stock jumped more than 16 percent to US $30.80 after profit figures released.

Facebook is expected to increase its share of $116.82 billion global digital advertising market to 5.04 percent this year, according to industry researcher eMarketer.

The leading social networking portion of the mobile advertising market will be more than tripled to more than two billion U.S. dollars this year, the estimates from eMarketer, according to AFP.

Posted by Fz 0 Responses

Liked this post? share it with your friends and peer !