Social networking giant Facebook on Wednesday reported a revenue of $9.32 billion (Rs 58,839 crore) for the second quarter of 2017, said The Guardian. Of this, the profit is $3.89 billion (Rs 24,929 crore) which is higher than expected.
Their profit rose 71% from last year due to a sharp increase in sales of mobile video advertisements. The rise in profit also sent Facebook’s shares to an all-time high, to about $173, in after-hours trading.
“We had a good second quarter and first half of the year. Our community is now 2 billion people and we’re focusing on bringing the world closer together,” said Facebook’s CEO, Mark Zuckerberg.
Facebook’s revenue from mobile ad sales rose to 87% of its total revenue for the second quarter. Videos on Facebook’s News Feed and growth in Facebook-owned Instagram led to increase in revenue. “Clearly, the biggest driver of growth is, overall, Facebook News Feed,” Chief Financial Officer David Wehner said.