San Francisco, CA, United States (4E) – Facebook reported on Wednesday that huge gains in ad revenues and increased number of users in the second quarter resulted in higher quarterly profit, which more than doubled.
Sales jumped to $2.91bn for the latest period from $1.81bn in the previous year, surpassing analysts’ average forecast of $2.81bn, according to Bloomberg News data.
Net income surged to $791mn during the quarter ended June 30, up by 138 percent from $333mn in the year-ago period, the company said.
Meanwhile, costs and expenses in the quarter jumped 22 percent to $1.52bn, according to the world’s biggest social network.
Facebook is benefiting from the trend of increasing use by members of mobile devices to connect to the social network, which analysts believe is critical to the company’s success.
The number of users who visit the online social network at least once a month increased by 14 percent to 1.32 billion from the year-ago period. Active users of mobile devices saw their numbers rise to 1.07 billion.