Surprisingly Strong Quarter Lifts Facebook Stock
It's now at $31, edging closer to $38 at IPO
By Newser Editors and Wire Services
Posted Jul 24, 2013 5:01 PM CDT
Facebook has a surprisingly strong quarter.   (Ben Margot)

(Newser) – Facebook's stock is flying high after 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. Facebook said today that it earned $333 million, or 13 cents per share, in the April-June period. That's up from a loss of $157 million, or 8 cents per share, a year ago. Adjusted earnings were $488 million, or 19 cents per share, above the 14 cents that analysts were expecting.

The company's stock jumped $4.93, or 18.6%, 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. "I'm completely surprised," said Gartner analyst Brian Blau, summing up the sentiments of many investors. Facebook's revenue grew 53% to $1.81 billion from $1.18 billion, well above the $1.62 million that analysts were expecting. Mobile revenue was $655.6 million, or 41% of the quarter's total advertising revenue of $1.6 billion.

Copyright 2016 Newser, LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

More From Newser
My Take on This Story
To report an error on this story,
notify our editors.
Surprisingly Strong Quarter Lifts Facebook Stock is...
Show results without voting
You Might Like
Showing 3 of 4 comments
Jul 24, 2013 10:48 PM CDT
"Facebook's revenue grew 53% to $1.81 billion from $1.18 billion, well above the $1.62 million that analysts were expecting." Either somebody at Facebook is cooking the books or the "analysts" aren't worth a shit.
Jul 24, 2013 6:14 PM CDT
Who has time to waste on these foolish "social media" websites? I know I don't! I suppose if you think it's important to tell a few straglers what is happening at Aunt Edna's or how the kids soccer practice went today... LOL!
Jul 24, 2013 5:44 PM CDT
$31 now and close to $38 ipo? Hahaha what a joke! It will go back down again.