Facebook is reporting stronger-than-expected revenue in the social media company's first earnings report since its initial public offering two months ago.
The company said revenue for the quarter was $1.18 billion, which was an increase of 32 percent over the same period last year. The average estimate from Wall Street analysts was $1.15 billion. Facebook also reported non-GAAP earnings of $295 million, or $0.12 per share, which was what analysts projected.
“Our goal is to help every person stay connected and every product they use be a great social experience,” said Mark Zuckerberg, Facebook founder and CEO, said in a statement. “That’s why we’re so focused on investing in our priorities of mobile, platform and social ads to help people have these experiences with their friends.”
Facebook revealed that as of June 30, it has 955 million monthly active users, up 29 percent from last year. About 552 million of those are daily active users, up 32 percent year over year. The company also has 543 million mobile monthly active users, a jump of 67 percent over the last year.
“Facebook is the most used app on basically every mobile platform. When we think about what we want to do right now, we want to increase the depth of the experience in addition to just growing users,” he said. “There’s a big opportunity for us here.”
Revenue from advertising totaled $992 million, which represented approximately 84% of total revenue and a 28% increase from the same quarter last year.
Facebook said it had a net loss of $157 million in the quarter, ended June 30. It now has 3,976 employees, up from 2,661 in the first half of 2011. The big blue social network now has $10.2 billion in cash, including $6.8 billion in net proceeds from the IPO.
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