Social networking giant Facebook (FB) reported Q2’14 earnings after the bell Wednesday, beating consensus estimates across the board. The Street was looking for adjusted earnings of $0.32 on $2.8 billion in revenue. Facebook delivered earnings of $0.42 per share, up 121% compared to $0.19 in the second quarter of 2013. Sales increased by 61%, to $2.9 billion. Net income surged to $791 million, a 138% rise from $333 million.
“We had a good second quarter,” said Facebook CEO Mark Zuckerberg in prepared remarks. “Our community has continued to grow, and we see a lot of opportunity ahead as we connect the rest of the world.”
The company reported 1.7 billion monthly mobile users during the quarter, a 31% annual increase. That was ahead of estimates and up 6% versus Q1. Daily active users on mobile rose 39% to 654 million. Mobile advertising, which grew 151% year-over-year, stood for 62% of Facebook’s total ad revenue, up from 41% in Q2 2013.
“The results showed a material acceleration growth in ad revenue, reflecting healthy demand for social-based advertising, and a sequential improvement of mobile. This was an all-around impressive performance,” analysts at Cantor Fitzgerald, wrote in a report [via IBD] after earnings posted.
Facebook shares are up more than 7% in after-hours trading, climbing at a new all-time high of $76.40. The new pps gives the 10 year old company a market cap of $190 billion, putting it on par with IBM Corp. (IBM). Facebook has grown 31% year-to-date, and nearly 176% year-over-year.