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| Facebook shares soar 19% on strong mobile ad earnings | |
| (35 minutes later) | |
| Shares in Facebook have leapt 19% as it beats earnings expectations with stronger than expected mobile ad sales. | |
| The company reported profits of $333m (£217m) in the second quarter. | The company reported profits of $333m (£217m) in the second quarter. |
| "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," said founder Mark Zuckerberg in a statement. | "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," said founder Mark Zuckerberg in a statement. |
| Facebook is the world's largest social networking company. | Facebook is the world's largest social networking company. |
| Mobile boost | |
| The company saw $655.6m in revenue from mobile ads in the three months from April to June - more than 41% of the total $1.6bn it made from advertising overall, compared with 30% for the same period last year. The number of mobile users expanded 51% to 819m. | |
| Clark Fredricksen of research firm eMarketer told the BBC that the results were "incredibly impressive - they've exceeded expectations." | |
| eMarketer estimates that Facebook will take in more than $2bn in mobile advertising this year and increase its share of the digital ad market to 5.04% - up from 4.11% in 2012. | |
| "I'd say that Facebook is in a unique position with the ad market right now in that it is very far ahead of any other major ad platform in mobile display advertising," said Mr Fredricksen. | |
| The company has focused on perfecting its ad sales programmes. Last month, it announced changes to its Ads Manager which it said would provide advertisers with better data. | |
| In April, Facebook won back General Motors almost a year after the car company pulled advertising from the site. |