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| Facebook revenue surges 60% on strong ad sales | Facebook revenue surges 60% on strong ad sales |
| (35 minutes later) | |
| Social networking giant Facebook reported a 60% surge in revenue, to $2.02bn (£1.26bn), in the third quarter, generating profits of $425m. | Social networking giant Facebook reported a 60% surge in revenue, to $2.02bn (£1.26bn), in the third quarter, generating profits of $425m. |
| Revenue from advertising grew by 66% to $1.8bn, with nearly half of that coming from mobile ads. | Revenue from advertising grew by 66% to $1.8bn, with nearly half of that coming from mobile ads. |
| "The strong results we achieved this quarter show that we're prepared for the next phase of our company," said Mark Zuckerberg in a statement. | "The strong results we achieved this quarter show that we're prepared for the next phase of our company," said Mark Zuckerberg in a statement. |
| Facebook's shares surged 15% in after hours trading. | |
| The stock recently hit an all time high of $54 a share, after trading below the price of its stock market debut in 2012 for several months. | |
| Mobile push | |
| The company has made a concerted push to boost its mobile offering, and now says that 874 million of the site's more than one billion users access Facebook on their phone. | |
| By growing its mobile users, the company has also been able to sell more mobile ads, a crucial metric that is widely watched by analysts. | |
| Facebook has grown its share of the mobile ad market in the US from just 9% last year to 14.9% this year, according to research firm eMarketer. | |
| Google is still by far the leader, accounting for close to half of all mobile ad spending in the US. | |
| Revenue from mobile ads was around $880m this quarter, compared to just $150m a year earlier. | |
| However, Facebook's user growth in the US and Canada appears to have slowed dramatically. | |
| This is significant as the site earns about $4.19 for each user in the US and Canada, compared to just $0.74 for users in high-growth areas such as Asia. |