Facebook shares jump as social network reverses loss

Facebook shares jump as social network reverses loss

Advertising revenues, representing 88pc of total sales, jumped 61pc to $ 1.6bn as Facebook lured more advertisers to its mobile services.

Engagement also grew, with roughly 700m users now visiting the service on a daily basis, compared with 665m at the end of the first quarter.

“Engagement is fairly strong still, so it doesn’t sound like anyone is really being turned off by these extra ads.”

“We’ve made good progress growing our community, deepening engagement and delivering strong financial results, especially on mobile,” said CEO Mark Zuckerberg, in a statement.

“The work we’ve done to make mobile the best Facebook experience is showing good results and provides us with a solid foundation for the future.”

The shares leapt by 19pc in after hours trading to $ 31.81, although they are still below the May 2012 flotation price of $ 35.

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