Facebook Soars on Q2 Financial Results

Social networking giant Facebook (NASDAQ: FB) released its fiscal second-quarter earnings results after the closing bell on Wednesday. The company reported both earnings per share and revenue that was well ahead of Wall Street consensus estimates. In late trading, Facebook shares were last up better than 18 percent to $31.41. Despite the big jump in the price during Wednesday's after-hours session, shares are still down around 17 percent compared to the company's $38 IPO price. Management Commentary "We've made good progress growing our community, deepening engagement and delivering strong financial results, especially on mobile," said Mark Zuckerberg, Facebook founder and CEO. "The work we've done to make mobile the best Facebook experience is showing good results and provides us with a solid foundation for the future."Fiscal Q2 Financial Results Facebook reported net income for the period of $333 million or $0.13 per share, compared to a net loss of $157 million or $0.08 per share, in last year's corresponding period. On an adjusted basis, the company earned $488 million or $0.19 per share, versus $295 million or $0.12 per share, in last year's fiscal second-quarter. This came in well ahead of Wall Street analysts' consensus EPS estimates of $0.14. Revenue in the period was up 53 percent to $1.81 billion from $1.18 billion last year. This also easily topped analysts' consensus revenue estimates of $1.62 billion. Advertising revenue in the second-quarter was $1.60 billion, representing 88 percent of total revenue. Ad revenue rose 61 percent year over year.