Facebook profit leaps 186% from a year ago to $2 billion

Facebook profit leaps 186% from a year ago to $2 billion

PanARMENIAN.Net - Facebook on Wednesday, July 27 reported a huge quarterly profit jump fueled by strong growth in revenues and its global user base, powering shares higher for the top social network, AFP reports.

Net profit leapt 186 percent from a year ago to $2.05 billion in the second quarter, as Facebook blew past most analyst forecasts.

With its global base of monthly active users growing to 1.7 billion, Facebook saw a 59 percent jump in total revenues to $6.4 billion, mostly from online advertising.

Facebook shares jumped 6.3 percent in after-hours trade on the stronger-than-expected results.

"Our business is growing at a healthy rate," Facebook founder and chief executive Mark Zuckerberg told a conference call, noting that the company has strategic plans for the next five and 10 years.

"Our results show our progress in our goal of making the world more open and connected."

Zuckerberg said a key part of Facebook's strategy was using video, which he said was "at the heart of all our apps and services."

Facebook has been dominating the social media space as well as related online advertising as it seeks to diversify into areas such as messaging, virtual reality and other fields.

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