NEW YORK (TheStreet) -- Shares of Facebook (FB) - Get Report are climbing 6.45% to $131.29 in after-hours trading Wednesday after the social media giant posted better-than-expected results for the 2016 second quarter.
After today's market close, the Menlo Park, CA-based company reported adjusted earnings of 97 cents per share, handily beating analysts' estimates of 82 cents per share.
Revenue for the quarter was $6.44 billion, above analysts' projections of $6.02 billion.
Monthly active users increased 15% to 1.71 billion from last year and topped Wall Street's expectations for 1.69 billion users. Daily active users rose 17% to 1.13 billion year-over-year.
Mobile daily active users jumped 20% to 1.57 billion over last year.
Mobile advertising revenue made up about 84% of advertising revenue for the second quarter, compared to 76% of ad revenue last year.
"Our community and business had another good quarter," CEO Mark Zuckerberg said in a statement, "We're particularly pleased with our progress in video as we move towards a world where video is at the heart of all our services."
About 39.26 million of Facebook's shares were traded today vs. its average volume of 20.13 million shares per day.
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Separately, TheStreet Ratings Team has a "Buy" rating with a score of B+ on the stock.
The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, impressive record of earnings per share growth, compelling growth in net income and expanding profit margins.
The team believes its strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: FB