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Facebook hits $2.9 billion in second quarter revenues, up 61 percent

updated 05:40 pm EDT, Wed July 23, 2014

Revenues beat industry projections and earnings per share, user counts increase

Facebook released its quarterly earnings for the second quarter of 2014, showing a large increase year-over-year. Revenues topped out at $2.9 billion, a staggering $1.1 billion, or 61 percent, increase from 2013. The revenue jump is due largely to advertising revenue and an increase in daily and monthly active users.

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

Quarterly revenues and earnings per share (EPS) beat industry projections from Thomson Reuters that placed an EPS of $0.25 on $2.8 billion in revenue. Facebook posted an EPS of $0.30 on its $2.9 billion in revenue. Looking at the sixth month picture, revenue is up by $2.2 billion from the same point in the previous year.

Ad revenue is largely to thank for the revenue jump over the previous year. Facebook states that its advertising revenue was responsible for $2.68 billion, which represented a 67 percent increase from second quarter 2013. Of that figure, approximately 62 percent was tied to mobile advertising. The mobile advertising revenue increase represented only 41 percent of total revenues in the previous year.

From the previous quarter, revenues are up roughly 16 percent from $2.5 billion. Advertising was responsible for $2.27 billion, with 59 percent being tied to mobile advertising. Quarter-to-quarter revenues for advertising increased 16 percent as well. Net income is $791 million, versus $642 million for the quarter ending March 31.

User counts for the company increased, showing increase at minimum for 14 percent year-over-year for the second quarter. Daily active users totaled an average of 829 million for June, which represented an increase of 19 percent. Daily mobile users increased by 39 percent, counting 654 million on average.

Monthly active users were up 14 percent from 2013, hitting an average of 1.32 billion at the end of the quarter. Monthly active users for mobile totaled 1.07 billion, which represented a year-over-year increase of 31 percent.

by MacNN Staff



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