Wednesday, May 22, 2024

Facebook Quarterly Revenue Climbs 53%

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Facebook posted a quarterly financial report that was nearly all good news. Revenue was up 53 percent year over year, and the social network made strong gains in mobile.

Tomio Geron with Forbes reported, “Facebook posted second quarter earnings that beat analysts’ estimates, sending shares up sharply in after-hours trading. The social network posted earnings per share of 19 cents on revenue of $1.813 billion. Facebook was expected to post earnings per share of 14 cents on revenue of $1.62 billion.”

Computerworld’s Zach Miners added, “Facebook has been reporting steady gains in mobile advertising revenue since the company first launched mobile ads last year. As a percentage of total ad revenue, the company’s mobile advertising revenue has risen from 14 percent in 2012’s third quarter, to 23 percent in the fourth quarter, and finally to 30 percent last quarter.”

CNET’s Donna Tam quoted Facebook CEO Mark Zuckerberg, who said, “People on average are spending more time on Facebook than ever before.” Tam added, “Users spent more than 20 billion minutes on Facebook during the month of June, [Zuckerberg] said.”

But The Wall Street Journal’s Evelyn M. Rusli cautioned, “Even with the rally Wednesday, Facebook’s share are still well below their initial public offering price of $38. In after-hours trading on Wednesday, the shares were up $4.60 to $31.11.”

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