Facebook announced its second quarter 2013 earnings on Wednesday. The social network posted $1.81 billion in revenue and an earnings per share of 19 cents, beating Wall Street estimates of $1.62 billion and an EPS of 14 cents. The company’s revenues are up from $1.18 during the second quarter of 2012 and increased from the $1.46 billion reported last quarter.
“We’ve made good progress growing our community, deepening engagement and delivering strong financial results, especially on mobile,” said Mark Zuckerberg, Facebook founder and CEO. ”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.”
Facebook noted 699 million daily active users during the month of June, up 27 percent year-on-year, and 1.15 billion monthly active users, up 21 percent year-on-year. Its mobile monthly active users came in at 829 million people, up 51-percent year-on-year – the success is likely attributed to Facebook’s expanding mobile presence and Instagram buy.
Revenue from advertising came in at $1.60 billion for the quarter, which is up 61 percent year-on-year and 88 percent of all revenue. Mobile ad revenue represented 41 percent of all ad revenues. Facebook’s net income was $333 million, which puts the company in a much better position than the $17 million loss reported in Q2 2012.
Facebook is up 1.45 percent on its earnings news in after hours trading.