Facebook shares have increased by 18% as it hit profit estimates with stronger mobile ad sales.
Mobile ads lift Facebook profits
The company reported earnings of $333 million in the second quarter.
“The work we’ve done to make mobile the best Facebook experience is showing good results and provides us with a solid foundation for the future,” said founder Mark Zuckerberg in a statement.
Facebook is the world’s biggest social network firm.
According to chief financial officer David Ebersman, people spent approximately 20 billion minutes a day on Facebook in June.
When it comes to earnings, MrZuckerberg said, “this quarter marks the end of our first year as a public company and I think we’ve created a good foundation for the future.”
Impressive results, exceeded expectations
The company’s share price is still down over 16.7% from its stock market debut price of $38.
Facebook saw $655.6 million in revenue that comes from mobile ads in the three month period from April to June, which is more than 41% of the total $1.6 billion it gained from ads overall, compared with 30% for the same quarter a year ago.
The number of mobile users has soared 51% to 819 million.
The company is now focused on perfecting its ad sales programs.