For the ninth straight quarter, Facebook Inc. has blown away Wall Street projections, more than doubling its $333 million profit from just a year ago to $791 million, according to The Wall Street Journal.
Much of the recent growth is attributed to advertising on mobile devices — smartphones and tablets — which now account for 62 percent of the social network behemoth’s advertising revenue, the Journal reported.
Mobile advertising soared by 151 percent as Facebook continues to make gains on mobile advertising leader Google Inc., which this year is expected to drop to 40 percent (from 50 percent in 2012) of the mobile ad market, USA Today reported.
Facebook has doubled its share of the mobile ad market in just two years, according to the Journal. In 2012 the site commanded just 9 percent of the $17.7 billion U.S. mobile ad share market compared with projections this year to reach 18 percent, according to the Journal, citing eMarketer.
In the second quarter, Facebook revenue jumped 61 percent to $2.91 billion.
"This is a good quarter for us, but there's still so much room to grow,” Facebook CEO Mark Zuckerberg said during a conference call with analysts Wednesday.
Following the earnings announcement, Facebook shares rose more than 5 percent, reaching a record $75, according to the San Jose Mercury News.
USA Today reported that Facebook is also entering other new arenas, including rolling out 15-second video advertising spots, posting ads on its photo-sharing site Instagram, and launching a mobile advertising network that will place ads on mobile apps not owned by Facebook.
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