NEW YORK (TheStreet) –– Facebook (FB - Get Report) shares were surging 4.2% to $74.29 in after-hours trading following better-than-expected quarterly results led by strong mobile advertising revenue growth.
Facebook reported fiscal second-quarter adjusted earnings of 42 cents a share compared to 19 cents a share in the year earlier period and exceeding analysts' estimates by 10 cents. Revenue rose 61% from last year to $2.91 billion, surpassing estimates of $2.81 billion, according to Thomson Reuters.
The social network averaged 829 million daily active users (DAUs) in June 2014, a 19% increase year-over-year. Mobile DAUs during the same period increased 39% year-over-year to 654 million. Monthly active users (MAUs) and mobile MAUs both exceeded 1 billion, increasing 14% and 31% year-over-year, respectively.
Facebook's revenue from advertising increased 67% year-over-year to $2.68 billion, or 65% excluding changes in foreign exchange rates. Approximately 62% of advertising revenue was from mobile, up 41% to $1.66 billion from the second quarter of 2013, the Menlo Park, Calif.-based company said.
Facebook Q2 Live Earnings Blog