Facebook Q3 results fly past expectations

October 31, 2013 08:45

Facebook's stock is soaring after the company reported a 60 per cent revenue increase in the third quarter, surpassing Wall Street's expectations for the second quarter in a row.

The world's largest social network said yesterday that it earned USD 425 million, or 17 cents per share. That's up from a loss of $59 million, or 2 cents per share, in the same period a year ago.

Shares of Menlo Park, Calif.-based Facebook jumped $5.22, or 10.7 per cent, to $54.23.

Adjusted earnings were USD 621 million, or 25 cents per share in the latest quarter, 6 cents better than analysts expected. This figure excludes special items, mainly stock compensation expenses.

Revenue grew 60 per cent to USD 2.02 billion from $1.26 billion, helped by increasing mobile advertising revenue.

Analysts, on average, were expecting revenue of $1.91 billion, according to FactSet.

Facebook's advertising revenue was $1.8 billion, up 66 per cent from a year ago. Mobile ads accounted for 49 per cent of the company's total ad revenue during the quarter.

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