MENLO PARK, Calif. – Facebook Inc. on Wednesday reported profit that more than doubled in its second quarter, and topped analysts’ expectations.
The Menlo Park, California-based company said earnings rose to $788 million, or 30 cents per share, from $331 million, or 13 cents per share, in the same quarter a year ago.
Earnings, adjusted for stock option expense, were 42 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 33 cents per share.
The company said revenue climbed 61 percent to $2.91 billion from $1.81 billion in the same quarter a year ago, and beat Wall Street forecasts. Analysts expected $2.8 billion, according to Zacks.
Facebook shares have climbed $16.64, or 30 percent, to $71.29 since the beginning of the year, while the Standard & Poor’s 500 index has climbed 7.5 percent. The stock has increased $44.78, or more than doubled, in the past 12 months.