Live Blog Facebook Q2 Live Blog

NEW YORK (TheStreet) –– Facebook (FB) - Get Report earnings blew past Wall Street estimates, as the social network continues to be a mobile advertising giant.

For the second-quarter, Facebook earned 42 cents a share on $2.91 billion in revenue, as revenue from advertising was $2.68 billion, a 67% increase year over year. Mobile advertising revenue rose rose 41% year over year, accounting for 62% of total advertising sales, coming in at $1.66 billion. Payments and other fees revenue was $234 million, a 9% increase from the same quarter last year.

Analysts surveyed by Thomson Reuters expect Facebook to earn 32 cents a share on $2.81 billion in revenue.

The company ended the quarter with $13.96 billion in cash and marketable securities, following the acquisition of Oculus Rift, which closed earlier this week.

At the end of the quarter, Menlo Park, Calif.-based Facebook had 829 million daily active users (DAUs), an increase of 19% year-over-year, while mobile DAUs rose 39% year over year to 654 million. The company ended the quarter with 1.32 billion monthly active users (MAUs), including 1.07 billion mobile MAUs.

Sterne Agee analyst Arvind Bhatia noted that the results were strong across regions, led by "1) increased usage; 2) greater engagement; 3) higher monetization; and 4) good opex control."

Facebook shares closed sharply higher Wednesday, gaining 2.9% to close at $71.29. Shares were soaring in after-hours trading, gaining 5.2% to $75.02.

--Written by Chris Ciaccia in New York

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