Facebook shares surge after jump in revenues

Shares in Facebook jumped 28 per cent in early trading on Wall Street today after the social network unveiled a surge in second-quarter revenues.

An average of 699 million people used the platform every day in June, the company said yesterday, an increase of 27 per cent on the same time last year.

That helped second-quarter revenues soar 53 per cent to $1.8 billion (£1.2bn), well above the $1.6bn that analysts had expected.

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While still short of their flotation price of $38, the shares hit $34 today – a price not seen since their second day of trading in May last year.

Mobile advertising revenue was $655.6 million, or 41 per cent of the quarter’s total advertising revenue of $1.6bn.

Net income at the world’s largest social network came in at $333m for the three months to June, compared with a loss of $157m a year ago.

Chief executive Mark Zuckerberg said: “We’ve made good progress growing our community, deepening engagement and delivering strong financial results, especially on mobile.

“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.”