Why Facebook Shares Are Surging
NEW YORK (TheStreet) –– Facebook
Facebook reported fiscal second-quarter adjusted earnings of 42 cents a share compared to 19 cents a share in the year earlier period and exceeding analysts' estimates by 10 cents. Revenue rose 61% from last year to $2.91 billion, surpassing estimates of $2.81 billion, according to Thomson Reuters.
The social network averaged 829 million daily active users (DAUs) in June 2014, a 19% increase year-over-year. Mobile DAUs during the same period increased 39% year-over-year to 654 million. Monthly active users (MAUs) and mobile MAUs both exceeded 1 billion, increasing 14% and 31% year-over-year, respectively.
Facebook's revenue from advertising increased 67% year-over-year to $2.68 billion, or 65% excluding changes in foreign exchange rates. Approximately 62% of advertising revenue was from mobile, up 41% to $1.66 billion from the second quarter of 2013, the Menlo Park, Calif.-based company said.
Facebook Q2 Live Earnings Blog
"We had a good second quarter," said Facebook founder and CEO Mark Zuckerberg in the press release. "Our community has continued to grow, and we see a lot of opportunity ahead as we connect the rest of the world."
Facebook ended the quarter with $13.96 billion in cash and marketable securities.
--Written by Laura Berman in New York
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