Facebook profits top $10B as revenue soars

Facebook doubled its profit in the second quarter thanks to a massive increase in advertising revenue, especially the price of ads it delivers to its nearly 3 billion users

Facebook doubled its profit in the second quarter thanks to a massive increase in advertising revenue, especially the average price of ads it delivers to its nearly 3 billion users.

But the company said it doesn’t expect revenue to continue to grow at such a breakneck pace in the second half of the year.

The Menlo Park, California-based company earned $10.39 billion, or $3.61 per share, in the April-June period. That's up from $5.18 billion, or $1.80 per share, a year earlier.

Revenue jumped 56% to $28.58 billion from $18.32 billion. Analysts, on average, were expecting earnings of $3.04 per share and revenue of $24.85 billion, according to a poll by FactSet.

The company said, as it has before, that it expects challenges in its ability to target ads this year — including regulatory pressure and Apple's privacy changes that make it harder for companies like Facebook to track people who can opt out of that form of surveillance.

Facebook had 2.9 billion monthly users as of June, up 7% from a year earlier.

Shares fell $11.77, or 3.2%, to $373.28 in after-hours trading. Earlier in the day, the stock hit an all-time high of $377. 55 in anticipation of the results, so the decline wasn't unexpected.

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