Facebook Beats Earnings Estimates, but Shares Slump After-Hours

Facebook (FB) earnings topped analysts’ estimates for second quarter, but shares slumped about 3 percent in after-hours trading.
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Facebook (FB) earnings topped analysts’ estimates for second quarter, but shares slumped about 3 percent in after-hours trading. Earnings per share came in at $0.50 per share, compared to estimates of $0.47. As for revenue, sales totaled $4.04 billion, ahead of the $3.99 billion analysts expected. The social media giant reported 1.49 billion active monthly users during the quarter. That's a 13 percent rise year-over-year. Facebook's mobile ad revenue totaled 76 percent of total advertising sales, compared to 62 percent during the same quarter last year. CEO Mark Zuckerberg said in a statement: 'This was another strong quarter for our community. Engagement across our family of apps keeps growing, and we remain focused on improving the quality of our services.' Shares of Facebook rose over 25 percent since the start of the year. TheStreet's Scott Gamm reports from New York.