Traverse City Record-Eagle

Business

October 31, 2013

Facebook 3Q results fly past expectations

NEW YORK (AP) — Facebook’s posted a 60 percent revenue increase in the third quarter thanks to mobile advertising growth. The numbers beat Wall Street’s expectations for the second consecutive quarter.

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

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

Revenue grew 60 percent to $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.

“The strong results we achieved this quarter show that we’re prepared for the next phase of our company, as we work to bring the next five billion people online and into the knowledge economy,” CEO Mark Zuckerberg said in a statement.

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

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