Facebook Has a Great Second Quarter – The Stock Takes-Off in After Hours Trading

Posted by at 3:23 pm on July 24, 2013

Facebook, the world’s biggest social network,  posted higher revenue from mobile ads and delivered a healthy second quarter profit that reversed a loss a year earlier.

The results, which come in the heels of weaker-than-expected results from online search leader Google, signal that Facebook’s aggressive push into the mobile advertising market continues to pay off. The company began showing mobile advertisements for the first time last spring.

Today Facebook said mobile ads accounted for 41 percent of its total advertising revenue.

The Menlo Park, Calif.-based company’s stock jumped $4.93, or 18.6 percent, to $31.44 in extended trading after closing at $26.51.

The stock priced at $38 when Facebook went public in May 2012 and hasn’t hit that since.

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