Strong Quarter Sends Facebook Stock to Record High

Paul Lilly

"We had a good second quarter." - Mark Zuckerberg with the understatement of the year

It took a bit of time for Facebook to gain some traction in the stock market after filing for an Initial Public Offering (IPO) a little over two years ago, but it certainly appears the world's most popular social network has found its stride. Leaving little doubt of that, Facebook sprinted past analysts' expectations by reporting $2.9 billion in revenue for its fiscal second quarter ended June 20, 2014.

That's a massive 61 percent jump from the $1.8 billion in revenue Facebook collected in the same quarter a year prior. Revenue from advertising was $2.68 billion, up 67 percent from last year. This was driven primarily by mobile, which accounted for 62 percent of Facebook's advertising revenue, up from about 41 percent a year ago.

"We had a good second quarter," said Mark Zuckerberg , founder and CEO. "Our community has continued to grow, and we see a lot of opportunity ahead as we connect the rest of the world."

All these figures translated into a profit of $791 million, up 138 percent compared to $333 million in Q2 of last year. As you might expect, investors reacted positively to the news -- Facebook's share price is hovering around $76 and change, up more than 7 percent. It's market capitalization is around $195.61 billion (at the time of this writing), just a little shy of IBM, which is the fourth most valuable tech firm in the U.S.

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