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Facebook Keeps Earnings Growth Coming, Share Price Follows
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Facebook Inc. (NASDAQ: FB) released its third-quarter 2013 earnings report after markets closed on Wednesday. Sales rose by 60% year over year to $2.02 billion in the quarter. Adjusted earnings came in at $0.25 per share, versus $0.12 per share a year ago. Thomson Reuters was calling for the report to be $0.19 per share earnings and $1.91 billion in revenues.
Facebook investors are liking what they see this afternoon. We have broken out the main metrics that will drive most of the conversation on Thursday. The highlights are continued user growth, mobile ad growth, total revenue and income growth, solid cash balances, and more. Here are some highlights:
The fact that mobile advertising now accounts for essentially half of Facebook’s ad revenues is really the remarkable figure here. That and the fact that 728 million people a day look at their Facebook page.
Facebook’s shares closed down 0.8% at $49.01 on Wednesday, against a 52-week trading range of $18.87 to $54.83. The reaction in the after-hours has shares up more than 11% at $54.59. Thomson Reuters had a consensus price target of about $54.60 before today’s results.
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