SAN FRANCISCO: Facebook surprised Wall Street with stronger-than-expected earnings for the second quarter yesterday on a sharp rise in revenues, sparking a 16 percent jump in its share price in after-hours trade.
“The work we’ve done to make mobile the best Facebook experience is showing good results and provides us with a solid foundation for the future,” said Facebook chief Mark Zuckerberg as the social network reported a profit of $331 million for shareholders.
Revenue for the quarter that ended June 30 climbed to $1.81bn, up 53 percent from the same period a year earlier. The profit of $331 million compared with a loss of $157m the California-based company posted in the same quarter last year.AFP
