Facebook Up After Hours On Q2 Earnings Beat

Facebook FB rose 4 percent in after hours action when its second-quarter results beat estimates by a wide margin on strong growth in daily users and advertising revenue. Adjusted earnings rose 124 percent to $1.09 billion, or $0.42 cents a share, on revenue growth of 61 percent to $2.91 billion. Wall Street expected $0.32 cents a share in adjusted profits, on revenue of $2.81 billion. Year-earlier adjusted earnings were $0.18 a share on revenue of $1.81 billion. Including stock compensation and tax adjustments, net income for the recent period was $791 million, or 30 cents a share, Advertising revenue jumped 67 percent to $2.68 billion from the same quarter last year. Excluding currency impacts, advertising would have increased by 65%. Mobile advertising revenue equaled 62 of advertising revenue for the second quarter of 2014, up from 41 percent a year earlier. Daily active users grew 19 percent to 829 million on average for June 2014, while in the mobile segment users increased 39 percent to 654 million year-over-year. In after-hours trading, Facebook traded recently at $74.41, up 4.38 percent.