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Facebook's Soaring Q2 Earnings

Wall Street expected Facebook's revenue of $2.8 billion on profit of 32 cents a share, but facebook posted revenue of 2.91 billion on profit of 42 cents a share today.

Facebook's Q2 Earnings
Photo by Scott Olson/Getty Images

In mobile devices, Mobile-advertising accounted for 62% of advertising. Revenue also increased 61% as advertisers invested into social network's users. Facebook is still growing at a steady rate, despite more than 1.3 billion users. "More than 650 million people use Facebook every day from a mobile device, which is more than twice the U.S. population."

CEO Mark Zuckerberg believes the company still has "room to grow". On average,Facebook users in the United States spend around 40 minutes a day on Facebook. Zuckerberg states it's just a fraction of the time internet users spend online and with mobile apps.

For the first time since March, Facebook's stock topped $70 dollars a share in trading Wednesday. It is now closing on doubling its IPO price from a little more than two years ago.

Facebook's Q2 Earnings Charts:

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