Connect with us

Hi, what are you looking for?

Jewish Business News

Money

Mark Zuckerberg’s Magic Carpet Ride Continues Unabated

Zuckerberg celebrated the 10th anniversary of founding Facebook’s by returning second-quarter earnings far above the market’s expectations.

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at office@jewishbusinessnews.com.
Thank you.

The 2012 Crunchies

Mark Zuckerberg /Getty

Mark Zuckerberg saw his personal fortune increase by 20% overnight, reaching an estimated $24 billion as shares in Facebook shot up on news of  second-quarter earnings and revenue that made fools of the slightly pessimistic forecasts that had been flying around in the last few days.

According to industry analysts, once again the dramatic rise in income and profits has been driven by the social media giants growing mobile ad business, who reported income for the quarter of $1.81 billion in mobile ads alone, up more than 50% from the  $1.18 billion in return for the same quarter in the last financial year.

Facebook’s rapid growth in the last 12 months, and especially in the last two quarters,  has been remarkable by any standards, largely driven by the success in conquering the mobile advertising market, which now  accounts for 53% of total advertising revenue, and almost non-existent when  Facebook went public in May 2012.

Total Facebook revenue for the quarter shot up by 63% to $2.59 billion, way above the expected revenue for the quarter of $2.33 billion.  Thanks to such encouraging news, shares in Facebook rose dramatically in after-hours trading and were reported to be very close to passing the $60 per share barrier.

Analysts expect Facebook to announce adjusted earnings of 27 cents a share, up from 17 cents from the same period a year ago.

When news of the unexpectedly positive results, Facebook CFO David Ebersman explained  that the investments that the company has made  over the past year are beginning to pay off  in a big way and will continue to position the company to thrive in the mobile world.

Mobile monthly active users on Facebook  is just over  800 million at the end of the quarter, up around 250 million from the same quarter last year, while overall monthly active users averaged 1.15 billion as of the end of the quarter.

 

Newsletter



Advertisement

You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

Entertainment

The Movie The Professional is what made Natalie Portman a Lolita.

Travel

After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.