Facebook’s second quarter results out; $2.9 billion in revenue reported

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Facebook, on Wednesday, reported a massive surge in its second quarter earnings and revenue beating Wall Street expectations all the way.

The social networking giant reported $2.9 billion in revenue for the quarter, up 61 percent from $1.81 billion reported in the same quarter of 2013, topping analysts’ estimation of $2.8 billion.

The social network said it generated $791m in net income for the latest quarter, up 138 percent compared to $333m for the same period last year.

Interestingly, mobile advertising revenue accounted for 62 percent of the company’s ad revenue in the second quarter, up from 41 percent in the year-ago period and 59 percent in the first quarter of 2014.

While the number of monthly active users on Facebook went up to 1.32 billion, up 14 percent year-over-year in the quarter ending June, the number of daily users reached 829 million, up 19 percent year on year. Facebook said the number of mobile users grew to 1.07 billion, up from 1.01 billion in the previous quarter.

The social networking giant said increased interest from both advertisers and from users led to an enormous financial result. The company said it currently counts for 1.5 million advertising customers and that its ad business witnessed strong growth from across all geographic regions in the second quarter.

Mark Zuckerberg, Facebook’s founder and CEO, said the company had quite a good second quarter. He added saying that the company’s community is expanding rapidly and there’s a lot of opportunity ahead as it plans to connect the rest of the world as well.

The company’s shares hit a record high as they went up around 4 percent to close at $74.10 in after-hours trading on Wednesday.