Facebook profit, revenue smash estimates as mobile ad sales soar
The social media giant is expected to generate $36.29bn in net digital ad revenue this year, a 35% jump from 2016
Bengaluru — Facebook crushed quarterly profit and revenue estimates on Wednesday as the social media giant’s push into video ads helped bolster its fast-growing mobile ad business. The company’s shares were up 1.4% at $168 after the bell. Through Wednesday’s close, the stock had climbed nearly 44 percent this year. Facebook said about 2.01 billion people were using its service monthly as of June 30, up 17% from a year earlier. The social media giant said in June it had surpassed the 2-billion user mark. Mobile ad revenue accounted for 87% of the company’s total advertising revenue of $9.16 billion in the latest quarter, up from 84% a year earlier. Analysts on average had expected total ad revenue of $9.02 billion, according to data and analytics firm FactSet. Facebook is expected to generate $36.29bn in net digital ad revenue this year, a 35% jump from 2016, according to research firm eMarketer. Net income attributable to Facebook shareholders rose to $3.89 billion, or $1.32 per sha...
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