Facebook continues ad revenue growth in 3Q
NEW YORK (AP) — Facebook grew its advertising revenue by 64 percent in the third quarter, helped by a boost in mobile ads that are becoming an increasingly large chunk of the social networking giant's overall advertising business.
The steady increase indicates that Facebook has succeeded in steering advertisers to its mobile platform at a time when most of its users are using mobile devices to access it.
Facebook Inc. has been on a roll lately. Its stock hit an all-time high of $81.16 Tuesday before the results came out. That's more than double its $38 initial public offering price.
Facebook earned $2.6 billion, or 30 cents per share, on revenue of $3.2 billion. Adjusted earnings and revenue beat Wall Street's estimates.
The Menlo Park, California-based company's stock slid 9 cents in extended trading.