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Mobile Advertising Doubles Facebook Profits

Shares in Facebook surged to a record $74 in after-hours trading on Wednesday as it revealed profits had more than doubled in the second quarter. The firm said that net income increased to $788m (£462m) for the 12 weeks ended June 30, up 138pc from the $331m reported in the same quarter last year. The results were driven by an increase in sales of mobile adverts, which accounted for 62pc of the company’s $2.68bn advertising revenues, up from 59pc in the last quarter.

Read the whole story at The Daily Telegraph »

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