Updated from Wednesday, July 26

Shares of Facebook Inc. (FB - Get Report) were climbing 4% in premarket trading on Thursday, July 27, after the social media giant topped Wall Street's expectations for its fiscal second quarter. 

Facebook posted earnings of $1.32 per share, surpassing analysts' estimated $1.12 per share. Revenue came in at $9.32 billion, which exceeded Wall Street's estimated $9.2 billion. 

TheStreet is now hosting a live blog analyzing Facebook's earnings report and call with analysts. 

Advertising revenue jumped 47% year-over-year to $9.16 billion, easily beating analysts' projected $9.02 billion. Facebook's mobile ad business appears stronger than ever, with mobile ad revenue making up 87% of its total ad revenue during the second quarter, up from the 84% it comprised during the same period a year ago. 

The company had 1.32 billion daily active users during the quarter vs. consensus estimates for 1.31 billion DAUs. Facebook had just over two billion monthly active users for the first time ever, which was more than the 1.92 billion MAUs analysts were looking for in the quarter.

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